Updated over 5 years ago on . Most recent reply
Owner Finaced 2 Deals and now going for a Mortgage
All Deals are 5 Year terms at 6%
Deal #1 - 1 property -4 unit
$47,500 Purchase Price --15K Down Payment-- owner financed $32,500-- taxes $3,398 per year total rent $2,125 after all expenses take home is 910.71 per month
Deal #2- 5 properties 7 unit
$ 185,000 Purchase Price-- 60K Down Payment-- Owner financed $125,000-- Taxes $13,232-- Total Rent $5,525 after Expenses take home is $1,287.77 per month ( This deal is not complete in the final stages with the lawyers)
How can I use this to help me get a first time home buyer Mortgage? I also work and will be using my wife income, when going for a FHA or conventional loan will the debt to income be a issue even though it is owner Financed? Should I not do the second deal. I feel as if these are good investments.