First Property (4plex)

[Benjamin Parker]

Hey guys, I'm all nerves so tell me everything's going to be fine please. I just got the ball rolling on a 4plex. Assuming the numbers all check out and the inspector doesn't find anything deal breaking I have some questions. 

1) I don't live in the state I'm buying in. Do I need to occupy one unit to qualify for a conventional loan, or should I rent all four and pay the higher interest? Moving there isn't a problem.

2) I'm trying to do everything over the phone. The agent I spoke to is an investor and tells me we'll make it work but is there anything I should prepare for?

3) Do I need a lawyer before signing anything?

4) Any tips on anything?

5) I freakin' hope this works out. 

[Bjorik Mutize]

Hey guys, I'm all nerves so tell me everything's going to be fine please. I just got the ball rolling on a 4plex. Assuming the numbers all check out and the inspector doesn't find anything deal breaking I have some questions.

1) I don't live in the state I'm buying in. Do I need to occupy one unit to qualify for a conventional loan, or should I rent all four and pay the higher interest? Moving there isn't a problem.-Your financing options become easier/cheaper with owner occupied. However, be prepared with quite a bit of push back from out of state lenders regardless. You can get through it if you are financially prepared.

2) I'm trying to do everything over the phone. The agent I spoke to is an investor and tells me we'll make it work but is there anything I should prepare for?- Read through the forums and find a due diligence checklist from offer to close.

3) Do I need a lawyer before signing anything?- You could, your agent/broker should be POC for most.

4) Any tips on anything?-Cross your tee's and dot your I's. Look at point 2

5) I freakin' hope this works out.-You'll be fine. Feel free to share more details of the deal in your thread. Free free to PM me with any other questions/concerns