Creative Real Estate Financing
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback
Updated almost 10 years ago,
Funding my owner occupied duplex without traditional mortgage
I would like to purchase a foreclosed duplex which is "home path" and reside in one, and rent the other unit. How can I get funding for this deal? I have been self employed and don't prove the income necessary for a bank to loan me the money. I have a good credit score, and I will have about 15% down payment by May/June when I profit from my 1st and 2nd flips at closing. Hypothetically, I wouldn't need to make a payment monthly as my tenants would be renting for the cost of insurances taxes and hopefully the full mortgage payment. It is in a hot area and will be easy to rent! (I think- I've never actually owned a rental before) I've also never purchased real estate personally, but have for my LLC. Are there currently any first time homebuyer advantages? Or should I find private money?
I need to move quickly as I'm afraid I'll miss out on the deal if I wait too long. It'll be at half of its assessed value soon and doesn't need any work to make it rentable, but will need some repairs in the not too distant future.
How can I make this deal happen? I'd be grateful for any feedback!