All Forum Posts by: Monica Johnson

Hi there, I recently sold a home and have about $20,000 to use towards an investment property.  I was looking at a recently rehabbed 8-unit property going for $310,000.  2 bed, 1 bath each currently renting at $550-500 each.  The property comes with another 8-unit property that needs a total rehab estimated at $170,000.  I make about 60k a year, credit score in the low 700s and that 20k is all I am willing to invest toward a property (and that includes any type of closing costs, appraisal, inspection, etc...).  What is the best way to approach a seller about financing this?  Do I need to look at getting the seller to finance the down payment and then see if a bank will finance the remaining 80%?  I'm honestly not sure if a bank would even qualify me for that 80%.  Or should I request financing for a year and then try to get a bank to qualify me for the remainder at the end of the year? If anyone has any suggestions on the structure of this deal or how I should approach the seller, I would appreciate it!

Ok, thank you all for the responses. Sounds like I may need to see if I qualify for an FHA loan.

thank you so much! I will call the bank tomorrow and find out for sure but good to know ahead of time.

I was approved for a VA loan for 150k for a single family home but found a few quads in my area for 320-330k. Can I get approved for a higher loan amount if I'm purchasing a multi-family home? Does a bank factor in revenue from the other units when approving a loan?