Considering making a Cash offer

[Jezelle John]

Found a quad-plex on the MLS for 275K , occupied in upstate NY. Potential to cash flow $700 a month if rents are not increased. I currently have a 350K HELOC on my primary residence. Tempted to make a cash offer and then refinance the property afterwards. I haven't seen the property yet but I am toying with the idea. The property taxes are lower than all the other areas I have been researching. It's a 3 hour drive from me but I plan to utilize property management. And I would still have my HELOC to address repairs and cosmetic renovations. Currently employed and managing a family so I prefer something in my state and under 300K with low taxes and that is a multifamily. This property meets most of my criteria. I'm excited and a bit impatient but also not impulsive.

Please help!

[Steven Luttman]

@Jezelle John The downside to making cash offers with aspirations of securing financing on the back end is if the eventual bank deems the building non lendable after you've bought it. Would you have enough reserves available to rectify issues should they arise? What if between now and then all your new tenants stop paying rent, would your W2 income still qualify you for the mortgage?