I am new and would like to acquire my first property as efficiently as possible. I’ve thought about using my real estate commission and a 203k loan, if i can qualify, for a 4- plex prop…from what i understand, the tenants income would be considered an asset and considered as my income and use fha for down payment of 3.5% covered by my commission. Does this sound feasible? Thank you.
It is as long as you have the funds for down payment. Did your bank tell you otherwise?
Thank you for responding. Just saw your response. I have yet to speak with a lender. I need to consider a commercial loan…there is a 6- unit apartment that I would like to try for. Are there any comm. lenders that would be non-recourse and allow me to do such a move?
I suggest you speak to a lender. Commercial Non recourse loans are over 7 figures as far as I know.
There is no specific strategy. Just look what your clients need and make it.