New guy from NY trying to research

[John Gach]

Hi, I'm a current home owner thinking about purchasing a multiple family home.  I do heating and air conditioning so I'm very handy and can handle maintaining and repairing my future properties.

I mainly joined to try to figure a way to some how get a loan on a multiple family home that currently has 2 tenants, but has a large 3rd potential apartment that needs major restoration.  Its an older home that I really love the architecture, and feel since the home already has some tenants it should break even and pay for itself while I work on the 3rd section that needs major restoration.

Main problem I have is this was a spur of the moment type thing, I don't really have much money to put down, but I do have my 401k that I could possibly borrow from.  From what I understand I would need 25% down to get approved for a loan for this property and have 6 months of reserve money for it and my current house in case I lost the rental income.

If I did owner occupied, I would actually have to live there, which I'm not too thrilled about but I could make it work, but apparently the lenders won't believe me because I have my current house(co-owned with my GF), so I wouldn't be able to convince the lenders I would actually move to the new house, so I would need to sell my house, or possibly deed it over to my girlfriend.

Well, that's the info that I'm after, I will now search the forum to see if I can find some of the answers.

Thanks!