FOUND MY POTENTIAL FIRST 4 UNITS ( FIRST DEAL)

[Jean-francois Ndomb]

Hey guys,

I am getting ready to buy a 4 unit multi-family property from a friend who does not want it any more but doesn't want it to go back to the bank ( moving on to a different business). So instead of $85k it was appraised at, I am getting it for $71k that he owes on it. Before this, I was shopping for SFH to buy and hold after meeting the FHA requirement and got a per-approval to shop around for $80k flexible ( could go higher, but I did not want to go too high on my first one). I am yet to contact my mortgage agent to get the specifics on this current change, but I would like to get ahead of the ball on this one before I ask him tomorrow. Will my requirements change for this type of loan? SFH to Multi-family. What are the usual requirements for a multi-family?

From the numbers my friend  has given me, 2 units rent for $495/ea and 2 rent for $395/ea. ( Total 4)

Any recommendations on how to go about the conversation tomorrow with the lending mortgage company? if not them, the next one I will be shopping for?

Thank you in advance.

Yours in success,

JF