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Apt Building Financing

john969 profile photo
  • Sunday, February 13, 2005 @ 05:24 PM EST
  • 4 Comments

How difficult is it to get financing for buildings with 5 or more units? % units would be aroung 400K in my area. Fico around 725. Do they go by your income or the income of the building>

Thanks

Comments(4)

  • ray_higdon
    ray_higdon13th February, 2005

    From what I have heard, they mainly go by the income of the buildings but I believe traditional financing places will only do 80% of the purchase price.
    [addsig]

  • ray_higdon
    ray_higdon13th February, 2005

    You can certainly do a lease option on a house with a mortgage on it.

    Good Luck
    [addsig]

  • no photo
    cheryldoss13th February, 2005

    Thanks much for the 2 replies. I appreciate it lots. Have some thinking and more reading to do!

    Cheryl

  • no photo
    sKauGhTiEe13th February, 2005

    We closed on a 4 plex in october, owner occupied. We did outside work. Cut limbs down, trim everything. Fix sprinkler system. Power washed the siding. Then sent a notice to up the rents in 30 days. All at the same time. It would be a dumb move to do it individually. No one had a problem, all noticed I was the new landlord that actually cared about the place. All happy to pay more cause I was there. If they decided to move I wasnt worried at all in getting it rented. And yes, check out the whole rental market before raising. Do it reasonably or you might be questioned by your tenants.

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