Are there any banks/lenders which would provide some incentives on closing cost and give good interest rates?

@Sneha Deshmukh what interest rate are they projecting on your mortgage?

I reached out to several lenders about financing this project for the cost and renovation, I was either met with they only go up to 6 units, or the building has to  be occupied,  or that I was too in experience and I needed to put a license builder on the note with me.

Please help with some suggestions on how to deal with this or to get the mortgage note updated with the bank.

After months of seller trying to get a clear title, seller was not able to get the partial release from HUD unless all the proceeds went to the mortgage balance.

To successfully invest in a property for steady income, establish your investment standards, research the market thoroughly, assess your financial preparedness, connect with local agents, property managers, lenders, and other investors, analyze properties carefully, consider various financing choices, do your homework before making an offer, and negotiate and finalize the deal.

Your Lender My suggestion to find #2 & #4 would be to go to the top of this page and click on FIND AN AGENT & FIND A LENDER.

@Ruchit Patel, if they are dead set on remaining in their current home then a reverse mortgage could be the answer because it allows them to get income from the equity in the home.

Hello Laura, Different lenders might require different things here but most of the time if you can show the lender a signed one year lease agreement that will be sufficient.

Your Lender My suggestion to find #2 & #4 would be to go to the top of this page and click on FIND AN AGENT & FIND A LENDER.