Updated over 10 years ago on . Most recent reply
CREATIVE PEOPLE: I really could use some help
Ok, so here is the deal. I'm looking to purchase an owner occupied multi unit property. YAY FOR HOUSE HACKING! There is a 5 unit property that I'm really excited about. However, as most of us know, the financing rules are different once you reach 5 units (no FHA 3.5% down). The front unit is a 2 bed/2 bath house (the unit I'd like to move into). Behind it is 4 units.
The sale price is 299k. I have approximately 30k in savings. So obviously not enough for 20% down.
What are my options? Does anyone have an idea? Has anyone found a way around this? Any advice would be greatly appreciated. Thanks!
Most Popular Reply
Then you need to find an equity partner. They pay what you can't pay and you work out either a preferred rate of return or an equity split.