Multi-Family Friendly Lender? SOCAL

[Marcus Gantevoort]

Hello,

Based on my income, I am pre-approved to purchase a property up to 398K however, I would like to purchase a multi-family property (triplex) for $625K. Would it be easier to purchase such a property if there were already tenants in place? Ideally, I would live in one of the units and rent out the other two.

Thank you.

[Joseph Cacciapaglia]

As long as the units are rent ready, many lenders will give you credit for rental income based on a rent schedule appraisal. If the units aren't rent ready, then you may run into issues. You should just check with your lender to see how they handle it. If they aren't willing to give you credit for the rent, then you might want to look for another lender.

@Nakia Addison one benefit of buying multifamily properties, is that you get credit for the rental income, which allows you to qualify for a larger loan than what you would be approved for otherwise. It's often the case that my clients will be qualified for a lower amount for a SFR, but are able to qualify for a significantly more expensive multifamily property.