If the property is five units or more, you can't get a conventional loan, so you have to go commercial.

For me at least, I couldn't do it with an out of area mentor or coach, I wanted good access to the person and the deals, put my eyes on it, but I'm in Houston, which has a lot of inventory, I don't know where you live, if the inventory of coach mentor and deals will support it , or your risk tolerance for something that isn't local to where you live.

Belive me, there are more scams looking for your educational dollars, go conventionally with acreddited schools, then look at the shemes.

Its not like conventional financing where you get a better deal on interest rate because its owner occupied .

Where are you two looking for your inventory?

In many areas, inventory is extremely low and and the properties that are available are all getting multiple offers - usually cash.

As a hard money lender, we always tell people to max out conventional financing first.

Your inventory will be sitting on the market a while, but it'll sell eventually.If you want to get into units, stay in Pittsfield and avoid the bad areas.

One example I know of is a place that was formerly a convent.

While a bank may not be able to count that rentalincome for a conventional mortgage, a local bankor credit union may very well have no problem doing so.Quite honestly, with that income, you should haveno problem getting a local bank to lend on a 300k houseespecially if you're first house's rental payments willcover your PITI.Although even a smaller bank will ding you a little onthe rental income as they will only count 75% of it.But you would be so far ahead of the dti reqs, I don't see any reason why you wouldn't be able to qualify.