New Opportunity : Unconventional Starter

[Brandon Dietz]

I have stumbled upon an opportunity in an area where there will be massive job growth.  

This opportunity is a multi-unit seller financing opportunity that will not be able to cashflow right away without some up front work. 

I have reviewed the information available and think it seems like a viable option. I understand my tolerance for interest rate hikes and think I have a good idea on what needs to be done to get it to where the seller wants it to be from a purchase price perspective to qualify for a conventional mortgage within the next 3-5 years.  

However, with little practical experience in the industry, I am a tad cautious.  

I have done quite a bit of research on multi-unit properties, to be honest probably still not enough. I also have a property management software in the works as well as resources to help with common issues (plumbing, commercial electrical, construction / renovations, painting, etc.). This accompanied by my home ownership (Townhouse, 4 br house, new construction 4 bedroom house) the last 11 years I feel that I have a good solid foundation to start something out right and be able to take this project on. 

My concern is not being able to get the property in the shape it needs to be to move over to a conventional mortgage when the time comes.  

In the end, I think it will be a LOT of work but could be beneficial in the end as long as things go as planned (which doesn't often happen).

Any feedback is welcome and I would love to hear some thoughts on whether or not this seems like I am jumping in too fast or if anyone wants to share any additional experiences.