Have a buyer with no listing

17 Replies

Whether you are a Realtor or not, you can send "Yellow" letters to the neighborhood your buyer desires and try to get some off market properties. You will have less competition than looking in the MLS.

Jason,

What are you saying? First of all, if I buy a property as an investor, I would not be use at an FHA loan as they are for owner occupants only. However, if I buy an off market property, my buyer can certainly use an FHA laon to purchase it from me assuming I have rehabbed it

Ok a little more details. My uncle wants to invest using an FHA loan. House hack for a year and then move on. If anybody have any listings anywhere in the City of Chicago or the surrounding areas please let me know. If not I’ll just find him something and he can go through a realtor. Has to be multi family will be great if it has a store front! Thanks in advance.

@Mykhail Bolden you are in two different worlds here. FHA has very strict guidelines on how they lend. A storefront will be a commercial loan, FHA will not lend on that. FHA will only lend on occupant ready properties that dont need renovation. His best bet will be to go through a realtor and buy an "on market" property.

@Mykhail Bolden , I have a 3 flat that would be perfect for a 203K, walking distance to Blue line, highway, Mariano's, and within 15 min from Downtown! $289,000 + needs another $100,000 in work. When done, it can have an income of about $3700/month! The numbers work and the area is going up!

You can’t have any store front/commercial involved with an fha.
If you Really want yo help your uncle; get him an experienced agent should knows small multistory, and get him to a lender, do he has an idea of what is and is not possible.
It’s sort of the blind leading the blind here.