Skip to content
×
Try PRO Free Today!
BiggerPockets Pro offers you a comprehensive suite of tools and resources
Market and Deal Finder Tools
Deal Analysis Calculators
Property Management Software
Exclusive discounts to Home Depot, RentRedi, and more
$0
7 days free
$828/yr or $69/mo when billed monthly.
$390/yr or $32.5/mo when billed annually.
7 days free. Cancel anytime.
Already a Pro Member? Sign in here

Join Over 3 Million Real Estate Investors

Create a free BiggerPockets account to comment, participate, and connect with over 3 million real estate investors.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
The community here is like my own little personal real estate army that I can depend upon to help me through ANY problems I come across.
Creative Real Estate Financing
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated over 8 years ago on . Most recent reply

User Stats

70
Posts
56
Votes
Chris Gibbs
  • Investor
  • Portland, OR
56
Votes |
70
Posts

I need guidance on how to proceed with my first deal

Chris Gibbs
  • Investor
  • Portland, OR
Posted

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.

Loading replies...