It sounds like you want to become a homeowner but doing so by buying into a good investment. I totally get it. If you're interested, we can talk some more an see if we set a meeting so I can help you figure out what you approve for.
Senior Loan Officer
Sterling National Bank
I have extensive experience with multi-family purchases and assisting first time home buyers. It sounds as if you can qualify for a multi-family mortgage, but not on a 1 million dollar property. The first step is really to consult with a licensed experienced mortgage originator to review the pertinent financial, credit and employment data needed to preapprove you for a mortgage. Please contact me for a complimentary preapproval that will be required by most professional realtors before making an offer on a home. I can be reached at 917.699.0183.
Senior Mortgage Loan Originator
NMLS License #24076
Cliffco Mortgage Bankers
D. Cherry Real Estate
The closing costs alone will be approximatly $50,000 + when a Bank sees that you are reying on rental income to pay the mortgage they want to see more equity in the deal and reserves.
You are trying to jump the high bar instead of getting over a hurdle. Buy a co-op in the right building, improve it, sell it put your tax free profit into a 2 family, again improve it. Refinance it, use that equity for the down payment on your dream house.
I say it takes 3 moves to your dream house. And buying and improving your residence is the best tax free, legal way of building the capital it takes to buy a house.
Like anything else in life it takes dissapline and hard work. But it can be done.
kathryn Lilly, Broker
Realty on the Greene, LLC