Buying 1st Home: 80K short. Any ideas?

Hello!

What are your plans for this multi-unit? If you plan on living in it, you may qualify for owner occupied status and therefore get a lower interest rate.

Is this multi-unit place occupied? The reason why I'm asking is because some lenders may count a percentage of rents towards your income which would help you qualify for a higher mortgage.

You could try and negotiate a lower sales price. Owner financing may be something to consider since you have roughly 5% of your sales price. Conventional / Secondary Market loans may require 20% down or more.

You could try to find a business partner that would have access to the other 15% that you might need for the down payment.

What is the fair market value of this property? Is it ready to rent, need repairs, etc?

There's not too many other options if you don't have access to money or a buyer

it doesn't look like you can buy this property for yourself, but you can find out how much repairs it needs, what the ARV is, and if it's still a good deal, pass it on to a buyer on your list.
You can do a few deals like this until you have enough cash to keep a deal for yourself.

Wishing you success,

Valerie

I want to live in it at least for 2-5 yrs while renting out the other two units. Right now, I believe the unit is occupied, but I'm not sure if all 3 are. I'm more sure at least one is. As far as partners goes, my changes are real slim now, I'm still going through my book. Everyone I've asked so far doesn't qualify or has another story..but I think that actually would be my best option, so I'm going to concentrate on that harder.
As far as negotiating, that also was going to be my second option actually, but I might push that now as the first one to get things moving while I continue to search for a partner.
And as far as the market value and repairs, I have to do more research on that.

Thanks for the response, much appreciated!

Language excused..lol..and at first such a low figure wasn't a consideration, but after talking to some ppl and hearing things like (hey..whats the worst that could happen? S.W.A.T. come flying through your window?) I'm realizing yeah!!!! ya'll are right. I'm a pull up my skirt grab my pair(excuse my language..lol) and make it happen!!

Wish me luck.

remember Joe's strategy..."if you're not embarassed by your offer, you're not bidding low enough"

keep us posted...

Valerie

...That's so true. I couldn't have said it better myself.

Believe and Achieve! - Joe

Thats a great one!! You just made my morning with that quote! LMAO

Find out the owners Motivation and Situation...these are key to why he is selling. You might be able to work out a long term lease (5-6 years) with him to cover his mortgage amount...and hopefully before the lease is up your situation will change and you can either go through with the purchase or find another Buyer...
Barbara

Info: House sold in '05 for $510K, went on the market for for $287K in Oct, and is now 255K.

'05' #'S are worthless! What would it retail for in todays market???

lock it up, and wholesale it.