Updated over 4 years ago on . Most recent reply
Help me understand our financing options
Your goals and story: I want to own a small multifamily that I can live in and manage. I have my father willing to help in any way.
Type of property: multi-family (2-4 units)
Location of property: North East PA
Purpose of financing: purchase, upgrades/reno
Type of financing sought: Not sure
Current or prior ownership of real estate: I carry a note on 10 rural acres (I collect $200 a month) and own another 5 acres worth about $20k, both in OR.
My father owns his SFH in PA, about $250k.
Occupancy: I am looking at a 2 unit with tenants already there, but ultimately I would like to live in the house.
Value of property at present and/or your offer price: $80k
After repair value: $100k
Anticipated or actual appraisal issues: leaking roof, roof repair needed
Current rents per month: $1600
Fair market rents per month: $2000
Down payment or equity: I have $10k for a down payment
Source of down payment funds, if applicable: gifyed funds
Income Source: I am collecting $200 month from carrying a note, plus $1500 w2 but no history.
My father has pension, SSI, and $2000 w2 a month.
Gross monthly income (optional): $
Monthly debt obligations appearing on credit report, plus (if applicable) personal rent and alimony/child support/etc: $150
FICO: not sure.
Credit issues: I have a low score (700), father has excellent credit