- Joined
- Apr 9, 2009
- Messages
- 217
My husband and I are kind of capped out at what we can do as we are both self-employed and only for 1 yr in these fields. We have our LOCs used up in our first duplex.
We are considering selling our primary home to move into the duplex. Then taking the equity from our primary to put down a 10% down payment on a multifamily. The owner is offering 10% VTB as well.
We talked to the bank and they are willing to consider us for this purchase if we can have between 15-25%.
I`m wondering what we should consider in regards to a large purchase like this? We really wanted to stick with smaller buildings but I think due to our income we will be limited as to what we can buy as we need so much income for the bank to use as they won`t consider all the rental income on small units.
The building is close enough for us to manage easily at this time. I think it`s great that we may be able to get something so big so early on but of course i`m cautious about what this does for us in the next 5 years...will it stall other purchases? What if something big goes wrong? What if we can`t sell it in 5 yrs and can`t finance it?
Would you do it if you were in our shoes? Would you not? Building has had most major repairs done aside from windows. All units are upgraded. Hubby is very handy so fixing and doing more improvements not an issue. And I already rent the units in the building so I know all about that.
We are considering selling our primary home to move into the duplex. Then taking the equity from our primary to put down a 10% down payment on a multifamily. The owner is offering 10% VTB as well.
We talked to the bank and they are willing to consider us for this purchase if we can have between 15-25%.
I`m wondering what we should consider in regards to a large purchase like this? We really wanted to stick with smaller buildings but I think due to our income we will be limited as to what we can buy as we need so much income for the bank to use as they won`t consider all the rental income on small units.
The building is close enough for us to manage easily at this time. I think it`s great that we may be able to get something so big so early on but of course i`m cautious about what this does for us in the next 5 years...will it stall other purchases? What if something big goes wrong? What if we can`t sell it in 5 yrs and can`t finance it?
Would you do it if you were in our shoes? Would you not? Building has had most major repairs done aside from windows. All units are upgraded. Hubby is very handy so fixing and doing more improvements not an issue. And I already rent the units in the building so I know all about that.
