I have the opportuniy to purchase 2 2-family units. One of which I am currently living in. The owers are tying to break their partnership and want to pay off the mortgage on the buildings. I have not so good credit, and would need 100% financing. I am having trouble finding a place that will lend me the money. I have a week to come up 140k. any suggestions?
Will 1 of the 2 be willing to hold SOME of his equity as a second mortgage? You gotta ask!
Most lender’s will give 90-95% loans for owner occupants, so they would only need to hold 5-10% down.
If that does not work, advertise for your own partner! “Partner in 2 duplexes wanted $15,000 cash required (or whatever amount you need), instant equity, no management, no repairs call xxx-xxxx, Emily”
Good luck!