Originally posted by @Sundiata Jackson:
Hello all,
I have been in touch with a owner of a tripleplex in Metro Atlanta. I want to invest and become a tenant/landlord but do not have the funds to make it happen. I spoke to the owner about seller financing but is not interested. Is there any other options I have? Hoping to work something out with him.
I just recently learned that, if you can get it under owner financing, you can refinance the owner-financing after only 4mos with some FHA lenders. I don't know of the abundance of these lenders in GA, but you should call around and see. From what this lender explained to me, you MUST have the financing on record as a mortgage and, more than likely, you won't need any money down to refinance. Your seller may be more attracted to the fact that they don't have to sit on owner financing for too long. Of course, you would have to meet FHA credit requirements, but their requirements are not that high anyway.
