Updated over 11 years ago on . Most recent reply
Buying My 2nd Multi Unit
Hello, back in March I bought my first duplex secured by an FHA mortgage. I occupy 1 unit while the tenant pays my mortgage. The neighbor next door owns a 4plex and would like to sell it to me for a great deal. However, I don't have access to 25% down for an investment property. Does anyone have advice on how to secure financing with minimal out of pocket?
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Congratulations on buying your first place and getting a second one setup.
Would the neighbor be willing to finance the deal? Have him carry a note with a balloon payment in a few years. Then you could be able to refinance with a more traditional mortgage.