Multi family financing

[John Frezza]

I'm currently looking for a multi family property that would serve as my primary residence. I can find a property but the hard part is getting into it. I have been a real estate agent for under a year and banks will turn me down for a loan. From what I understand only a portion of my tenants income would be accounted for, even if they covered my monthly payment. Are there any ways I can get into a property like this!? Thanks!

[David P.]

Good morning @John Frezza What banks are you talking to?  If they are the large banks, then try talking with smaller regional or local banks.  They type of loan you apply for makes all the difference - so put together a personal financial statement (free "New" excel download) and make a few appointments with these type of banks and hand them PFS and explain what you are trying to accomplish.  They may still not include much of the income from the property but they maybe more forgiving than other banks as it will be owner occupied.  

So some alternative is doing owner financing; lease option or even use hard (Private) money.  Normally these paths will cost a bit more in financing cost, however you can get the deal done.  I live in the Denver metro area, and I have found that the small private banks are the ones who will usually do deals the big banks will not touch.  If you PM me, I can provide a few leads that may work out - worth a phone call.

Good luck, and please remember to VOTE on reply's you think have helped. This validates respondents posting and lets readers know that this information was valued.

Hope you have an excellent future!

- Dave