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Updated over 6 years ago on . Most recent reply

User Stats

9
Posts
1
Votes
Timothy Allen Kidd
  • Rental Property Investor
  • Charlottesville, VA
1
Votes |
9
Posts

Buying 6 Unit Multi With Owner Financing

Timothy Allen Kidd
  • Rental Property Investor
  • Charlottesville, VA
Posted

Greetings!!  Me and my brother are just starting our Real Estate Business and we have an off market deal that a local investor and one of our realtors approached us with.  It is a 6 unit Multi, One Duplex and a Quad all on the same property.  The Investor is offering to do owner financing for us at 6% with the option to just pay the interest for a time.  He wants us to eventually re-finance the property and pay him in full.  Within the first one to two years.  The property is zoned commercial and we are trying to determine the best way to finance the property after we close on the deal.  I spoke to my broker and he is looking into the possibility of financing the two buildings separately.  I have also been told that a commercial loan with a local bank may be the best option to look into.  Thoughts or suggestions!    

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