I've been lurking here for quite awhile but just now making my first post because I'm thinking about making my first deal. This deal has some questions I can't find answers to so I'm hoping people here can help me.
The deal: Quadplex, fully rented out. Two of the tenants have been there 7 and 10 years. The others not so much. My realtor is wholesaling it to me for 70K and it nets $1650/mo. Here is what has me hesitant. The area is now zoned single family residential but this place is grandfathered in and can remain a quadplex but you can't get a mortgage on it. I can swing the 70K plus the 10-15K in repairs over the next couple years, I just won't be able to refinance ever because of the zoning. My realtor said it might be harder to sell in the future due to trying to find a cash buyer unless I can get a variance from the town. Don't really know what that means or entails so I need to research that.
Has anyone ever dealt with any of these issues? Do any of you just pay cash for your places or do most leverage a mortgage? Any help and advice is extremely appreciated.
Thanks.
