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I need guidance on how to proceed with my first deal
Hello everyone! My name is Chris and I have been learning so very much from this forum.
I live in Portland Oregon and I have been trying to put together my first deal.
The goal is to buy an owner-occupied multiplex that we can fix up and rent.
My father in law and I want to find something to partner in together because he is a general contractor and will be helping with the money down and with his contacts to fix the place up.
Best case scenario would be to use a 203k FHA loan to get started but from what I have learned a co-borrower cannot be part of a multiplex unit. I have a new job opportunity that I would like to take but that would disqualify me for the loan because I would not have the needed income history. I do not know what my financing options are for covering the property and the rehab.
Has anyone else had a situation like this?
Any help would be greatly appreciated.