Purchasing my second multi-unit

[Tom Kaz]

Evening BP,

Im currently in the process of purchasing my second multi-family 4-plex and am pretty stoked about the deal I secured. The building itself came up on the market about 5 days ago, I of course had my agent set up a showing immediately. Within 12 hrs of it being active, i went to see the building which was on the market for a steal in my opinion @ 315k, i offered 320k and they accepted that night (i was told a couple days later they received a cash offer well over my offer). The building is definitely a value add and needs some rehabbing but i plan on doing everything myself once vacancies are had. The current owners have owned the building since 1995 and were in the process of retiring/downsizing, 3/4 units are filled with the owners unit being vacant. I plan on doing a quick rehab and jack up the rent prices (they are all well below the market standard).

My lender (second loan with this same lender) said i have the loan 99% secured so its just a matter of time before the appraisal gets ordered and we can get on with the closing (exact same building across the street sold for (399k & 425k)! The only thing that could possibly be an issue is the vacancy in 1 of the units, the building definitely pays for itself when its fully occupied, and will cash flow a ton once i get it under my management and cleaned up. Im just worried it will cause a speed bump if leases are required and they complain about it being able to cover the mortgage. Again, my first 4-plex could easily cover the expenses until i can get it filled with no out of pocket costs. Has anyone had an experience like this? could I temporarily say the unit already has a tenant lined up? 

If all goes as planned i think i will be making out with another great multi unit building in just under a year! It really does just take 1 purchase to get you going. Mind you it took about 7 months for the right deal to pop up.