OfflineTwo questions....
1. If I bought a 4 unit property with the intent to live in one unit and rent out the others, am I able to cancel future leases that haven't started yet in order to make room for me in one of the units this coming fall?
2. Is there any way to get a FHA loan if I am unable to move in for a few months while I wait for the current leases to expire? I can afford a 3.5% downpayment (FHA) but not a 20% downpayment (investment property), so I am wondering if I will be forced to wait to close until July because the current leases are not up until the end of July.
I am located in Michigan.
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REALTOR
Real Estate One
Grand Rapids, MI
Matt, I just got your message, i will call you in a bit. Not sure on this question as fha loans have different criteria. I do have a lender i can refer you to. As far as the future leases go...Were they already signed contracts?
John and Julie Wakefield
JCW Properties, LLC
Hey, nice to see you here! As far as I know, only one unit has the lease already in place for next year. I would assume paperwork has been signed for that unit. If you are going to give me a call soon, don't worry about responding here. We can talk in more detail when you call.
Thanks!
REALTOR
Real Estate One
Grand Rapids, MI