1st post - need that BP fam bam insights on FHA loan on fourplex

[Shannel Tuitele]

Hey team, 

I am about to submit an offer on a fourplex that has been on the market with no offers for over 20 days. The seller has priced it for almost $800k but two units are not completed so I would need to fix both units (they stripped it so nothing is in either) in order to qualify for the FHA loan (home must be ready to move in to qualify). He said he's willing to be flexible but I need to submit an offer.

In my offer, what would be best to include?

Idea #1 Pitch $650k (ran comparable prices nearby limited data) and get the home under contract for a longer time (45-60 days) in order to work with a GC to complete the two units by closing. How do I ensure the GC and I don't get ripped off and finish the units, but then the seller backs out and sells it to someone else for way more? 

From, 

A new BP member hoping to lace up :)

[Austin Johnson]

I wouldn't do that at all. you're wanting to put it under contract, upgrade the units and pray the seller doesn't back out with a free upgrade (and sell for full price). it seems very sketchy to me.