Replies (11)
- NTETS, "Mr Caveat"
- Contributions:6436
none, you should be able to afford the property's upkeep even if you find it un rentable ~ 3 months a year. that means a positive balance sheet bro!
- souksph
- Contributions:3
I'm a bit confused, so If I can afford the monthly payments, I would be able to qualify? I'm looking typically around 50,000 (2bed 1 bath type houses), to start small and work up. I can down 10% and still have reserves to last 6 months after closing.
- Elizabeth Weintraub, "ElizabethWeintraub"
- Contributions:4556
- Christopher Neal, "ChristopheratFML"
- Contributions:9
This may sound silly. But look for a property that has more income. Other than a 1 unit for income property. Look for multi units The underwriting different and you may use the income from the other units to help with the your ratios problems. This will take a take a very knowledgeable Agent and Mortgage rep. But it is worth looking into.
- Brian Wiesner, "MonacoMortgage"
- Contributions:49
Investment properties need at least 20% down...and 25% is much better. You don't appear to have alot of options.
- Christopher Neal, "ChristopheratFML"
- Contributions:9
This is truly the market to think outside of the box. Not all transaction fit in the same box.
- Dunes....
- Contributions:3876
Think outside the Box...
Ya mean instead of responding to current questions like the other people (Thinking inside the Box) you dig one up from 2009 (Thinking outside the Box)
Ya mean instead of responding to current questions like the other people (Thinking inside the Box) you dig one up from 2009 (Thinking outside the Box)
- Christopher Neal, "ChristopheratFML"
- Contributions:9
The answer is to find an agent that has the knowledge to find a solution to the problem. There is a way to get this done. Feel free to contact me.
- souksph
- Contributions:3
Thank you for the Reply. It has been 2 years and I managed to Acquire 5 single family property. My passive Income + my job I make roughly about 5,000 a month( that is left over after all my expense!). I been reading a lot about real estate investing, the market and paying attention to what our Fed is doing etc. Not liking what I am finding out though. A lot of bickering and problems with our country which I didn't even know of. Anyways, I'm working on a duplex soon. And you are very right Christopher! I been thinking outside the box the last 2 years! Real estate is very amazing!
- Christopher Neal, "ChristopheratFML"
- Contributions:9
Congrats. Your kind success is why we play. If there is anything I can help with. Feel free to contact me direct.
Keep the Momentum going...
Keep the Momentum going...
- yanni raz, "hardmoneylendersCA"
- Contributions:17
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