Rental Forms/ Purchases
Hello...
Long story short...just refianced the house and will now have a renter. Where can I get rental forms for low prices? Should I have one specific for Wisconsin?
Second...I would like to purchase a 3 or 4 plex . My son, who is going to law school and doesn't have a lot of money, would live in one apt. and help take care of the place. I would rent out the other apts. How can I find financing when it won't be me living there? Also...if I just refinanced the house, will I be able to obtain financing somewhere for a complex?
Thanks! :-?
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Call the broker you just refinanced with and explain him the situation. 3-4 complex non-owner you should be able to get 90-95% LTV if you have 675 ficos and prove your income. It will really come down to your debt ratio, credit score, cash reserves and LTV.
Another option might be have your son buy the place and live in one unit. He may qualify for upto 100% financing and you could manage the units and take the profit in the form of a management fee. Work out an purchase option if you wanted to buy it down the road.