All Forum Posts by: Jordy Clark

Hey guys and gals I have run into a decent multi family opportunity... to make a long story short, they are building new four plexes (its actually 4 townhomes with one tax id#) And i have the opportunity to purchase one($585,000) (146,250/door).

Rents will be $1250/unit $5K/mo. I will owner occupy one unit for a year or so.. i could get enough for 10% down. I only have one year tax returns being self employed... Anyone have any ideas or lenders that will do this sort of a loan? I hate to pass this good of an opportunity by because most multi's in my area are from at least 1950 and most are pretty run down. 

My first question would be to check and see if the FHA loan is assumable. If so, all you have to do is qualify and you can assume all terms of the current financing and have it out of their names.

The subject to clause is something to worry about, however i used to be a loan officer at a local credit union, and that was never an issue. As long as the bank gets their money, most won't ask questions.