Here's a little insider tip:  🪙referrals are pure gold for growing your real estate empire.

If anyone has any tips, insights, or just words of encouragement it will be greatly appreciated! 

If your interest rate is 10% I have to believe this is a short term loan.So, just a heads up, if you had to use your father it is probably because of his credit and b.g.

 Hey BiggerPockets family,I was just approved for an owner occupant, Fannie Mae, 5% down with a purchase price of $1.3 million for a 4plex in the Phoenix Metro of ArizonaMy middle FICO credit score is 759My current DTI debt to income ratio is 30%I have enough down payment, closing costs for the subject property, and enough liquid reserves for all 10 of my apartment buildings totaling 45 units in PHX Metro AZmy mortgage lender quoted me with a rate at 8.125% with me paying 0.156 points totaling $1,920My question is,does this 8.125% interest rate sound reasonable for an owner-occupied fourplex 5% down Fannie Mae conventional loan as of March 27th, 2024, at 1700 hours?

Hi,I used to have really great credit (high 700s, maybe even 800 at one point) but it screwed up because my business lost a ton of money around covid.

If you want more tips, just hit me up.

Given that I would negotiate a rent credit of some sort.

(pro tip - asking tenants questions about the place is a great way to gauge the problems of the home and a good perspective on how it might be dealing with that tenant)You'll be happy you put the home on the market vacant than trying to schedule appointments and dealing with a tenant. 

Isn't that giving them too much credit for future prospects? 

I would suggest taking out what's called a home equity line of credit and use it to invest in more real estate but make sure that you have a mentor that has done at least 100 times what you are planning to do and follow a strategy that works for you.