All Forum Posts by: Alex Ramirez

Hi Ken,

Help please! I have a couple of questions for you. My wife and I are in the process of purchasing a fourplex and will be house hacking. Will be using an FHA loan. We really liked the property and after running our numbers we will basically live there for free. We will not be getting a ton of cash flow but we are currently paying rent so this is what it is attractive to us. However, the agent told me that there was previously a bid on that property which fell through because of financing. Looks like the appraiser declined to appraise the property because there aren't any fourplexes around the area except for that one. To me it looks like this property was actually transformed from a single family to a multi-family. How can I avoid my lender will decline financing because appraising issues? Also, it looks like the property is 100% occupied and if we do not live in one of the units, we would not be able to use FHA. How difficult do you see for the current owner to make one of the units available for us? Do you negotiate this in the contract as a contingency? Our agent told us that October is when the first lease expires. I was thinking to put that in the contract and perhaps the current owner can do cash for keys. I will really appreciate your valuable feedback

Best Regards

Alex