Posted by Ed Garcia on February 08, 2001 at 10:43:07:
The answer is you could do it, if the seller were dumb enough to let you do it. You would have to have a lower LTV then 70% and would have to go “Hard Money Lender”, because the type of lender that would do multiple units would see right through this deal.
You as the borrow will stick out like a sore thumb. A lender will immediately recognize that you don’t have the sophistication, qualifications, or experience to pull this off.
I’ve got an idea Tiff; let your Mr. Know it all father do it for you. I’m sorry if I sound a little sour, but I’m not here to teach you how to kink a deal, and get into trouble. I’m here to teach you how to maximize and utilize financing, without going to jail.
Yes, I could do this deal in a heartbeat, but I won’t teach you how to do it, and your father shouldn’t either.