Dear Big Move, First off, I’m a complete beginner, I know next to nothing, and I’m expecting to be laughed at. Here’s my question: I’m currently living with my girlfriend. I’ve been looking for houses, and I’ve found a very nice quadplex that’s just been renovated.
I run two businesses, but personally have no source of income. Here’s why: In addition to my two existing businesses, I am working on creating a third, but they are under my girlfriend’s name for privacy reasons. Money isn’t an issue.
“‘It’s a popular college town with new renters coming and going every year. I have zero concern about finding tenants.’”
I would like to take advantage of us both using a Federal Housing Administration loan before we get married. I know that FHAs are applicable for up to a four-unit house, and I was wondering if it’s possible for me to get a loan to purchase this unit with no income. The unit is $800,000, and each unit has two bedrooms in an area where the average rent is $1,000 per room. The estimated mortgage would be $5,000, and if I rent out each room at $1,000 a piece that shows a potential of $6,000 to $7,000 a month rent. It’s a popular college town with new renters coming and going every year. I have zero concern about finding tenants. Am I just dreaming or would the potential rental income be sufficient to make the purchase? American Dreamer ‘The Big Move’ is a MarketWatch column looking at the ins and outs of real estate, from navigating the search for a new home to applying for a mortgage. Do you have a question about buying or selling a home? Do you want to know where your next move should be? Ema …