Updated over 12 years ago on . Most recent reply
Non-conforming properties
I was looking for anyone's thoughts on non-conforming properties. Multi-family units which are not under the same rough. Some of the better bargains I have found in my research are non-conforming properties, which means that financing on them from conventional means is hard to obtain. From what I have gathered, unless you are buying to owner occupy- they require 50% down payment. Several of these properties I have approached and gotten positive reception on seller financing. I know that their entry is hard to obtain, but it appears you can free up equity through HELOC's to use to invest elsewhere.
This time I found where to put the maintenance costs in on Brandon's Excel ;). So I am very comfortable with the figures.
It is 2 separate homes on 1 parcel, each single family- shared driveway average rent of 950 between the two.