Hello, first post on bigger pockets but have been following for a while. I recently came across a multi family here in Middle Georgia (Macon) that needs some work.
I would like to do a 203k loan and live in one unit and rent out the other(s) but I haven’t had the greatest of luck finding a suitable lender. One told me I would need over 20% down payement, even if owner occupied and the other won’t do 203k loans on a multi family.
The asking price was/is 120k and probably needs north of 40k in repairs. I have good credit and had been approved for 203b/k loans for sfh so that is not an issue.
Any help would be greatly appreciated. Thanks.
Originally posted by @Lee Taylor :
@Dominique Porter I would be a little concerned with a 4 unit or less in Macon requiring $160,000 all in cost. Is it in a good area?
It’s walking distance from Mercer. 5 minutes away and you’re on campus. I’m weary of Macon but I feel a property that close to Mercer would be worth it.
5 min. walking distance from Mercer can be on the west side of 75 which not a good neighborhood.