How Much More $ Approved For 2+ Family?
If I were to look at the amount a bank would lend me how does it compare based on the # of units or potential income?
For example, if I can afford a 160k single fam can I afford a 230k duplex with $800/mo rent? This would be a owner-occupied situation.
Thanks!
A "proper" addendum NEVER AUUMES ANYTHING. You simply write the addendum by identifying the original contract, date, parties and other significant data that is appropriate to include for identification purposes.
Executing a contract simply means both parties signing it. No notary is required.
But it is IMPORTANT to remember, any lender will get the HUD-1 statement showing any compensation to/from Seller. Any additional compensation must be done "outside" of closing i.e. money in an envelope or the gigs up.