Hi, i'm purchasing the home i'm living in thru FSBO, and i would like to purchase another property for my

Asked by Ms. B, Michigan, ND Wed Apr 22, 2009

business or as an investment. When i apply for the mortgage for the FSBO, what else do i do? How do i combine the two transactions into one, or if it is done that way...Looking for advice. thank you

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Ann Anderson, , Lake Las Vegas, Henderson, NV
Thu Apr 23, 2009
You either will have to have the income to support both debts or the investment property produces verifiable income for the past two years that you can use to off set the debt. If this is the case, then you should not have a problem qualifying for both.

I would advise going to separate residential lender and commercial lender. Most of the residential lender do not specialize in commercial and will try to take on your deal and co-broker it out. You will be able to get a better deal and service if you use two lenders.

In the case that both properties are residential, then you can use one lender. Be sure to negotiate your closing cost as the lender will have less work since most of your info that is in one file can be transfer to the new one.

The fact that it is a Fsbo has no bearing on the deal. You will need a purchase agreement, which you can have a local agent draft it for you or a real estate lawyer. I would not advise using a template one unless you know what you're doing.
1 vote
Jeremy Sulak, Other Pro, Brighton, MI
Wed Apr 22, 2009
Ms. B

I am glad you're here! I see you are working late, as am I. I would recommend speaking to a Lender for sound advice. You will receive lots of good advice from Realtors on here but you are in need of help with finances. You may want to speak to a couple different companies and see who you feel comfortable with, and who can provide the best rates.

I recommend speaking to Michigan United Mortgage MUM. They are a Michigan company and the nicest hardest working individuals I know. http://mumloans.com/

If you would like a number for a direct contact you can contact me via trulia or confidentially by following the link on my web page and I can provide that for you.

Just for your protection who is handling the contracts and title work for the FSBO you bought?

Best Wishes,

Jeremy
Web Reference:  http://myhomemichigan.com
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