Am I being impatient?

[Raina B.]

Hello BP family! I am currently in the process of closing on my first primary residence which is a FHA 203k loan. I was in contract in early September, and hopefully will close by the end of this month and then still need to do the renovation portion of I­­t. With that said I’ve been studying the market that I work in which is a hour flight from home for me. I’ve reached out to an agent told her what I️m looking for: multifamily units on the riverfront, which she has been sending to me diligently. I am making I­­t a practice to analyze the deals that look good. I am almost finished with listening to all of the BP podcast as well as the Book on Rental Properties, and watched a couple of webinars. I am now making a list of property managers in the area as well as other folks I would need on my team. I’ve recently came across a 6 unit property on the river that was in my price range and I­­t had room to add value. I ran my numbers they seemed correct I’ll probably be posting I­­t here soon just to double check! I like I­­t I want to make an offer for owner financing the downpayment and the bank the rest of the financing. However, I️m in closing and all of my money is currently tied up in that house and waiting for closing to happens and the closing cost. What should I do?

[Brian Adzadi]

@Raina B.

So let me understand this, you are already going to buy your primary residence with an FHA 203K Loan. But you saw a nice 6 unit property that you would like to put a down payment on. Since you are already in closing with your main house, you are kind of stuck monetarily in putting any offers in the 6 unit.

My question to you now is....Do you want to have a primary residence or a 6 unit? And what kind of financing will you do with the 6 unit? If its an FHA loan then you can't have your primary residence because its also FHA.

At this point you will have to clarify your intentions with this 6 unit and what specific kind  of financing you trying to use to acquire it.