Newbie needs advice please
Hello everyone!
Thank you for taking the time to read my post. Here is my situation:
I currently own a 4 bed 3 baths 2100 sq ft single-family home. According to my lender, it is currently worth around 395k-410k. We owe 310k so there is about 80k in equity.
I want to purchase a multi-family property and live in one of the units, rent the other units and the house.
In about 60 days I will have around 10k in cash. I have challenged credit. However, our income before and investing is around 10k per month.
Is there a way to put all this together to find financing for a deal? Also, should I buy a 1-4 unit or larger? I have real estate and business experience/education but have never been a landlord before. There does need to be some reno work on the house. We have lived here for about 6 years and are in mid-project.
Thank you!
Carl H.