Hey what’s going on guys,
If you’re familiar with the area California and Addison in the city, i would says it’s a nice area. So my gramps has a building which is in great condition that everyone in the family has lived in some point in time. There’s a lot of sentimental meaning there and it turns out he’s selling it now but wanted me to give it a shot at buying it. He’s asking 500k, retirement money. There’s no rush but at the same time if he can sell it sooner than later he would go for it
It’s a two flat and the current tenants are paying pretty cheap rent for the area and what the building offers. 2Bd 1bath, beautiful backyard with a full balcony w/ gas powered grill two sets of washer and dryer .75 cents each and central Ac. I talked to him about what he pays in taxes monthly and what I receive from my Va rating covers that and still left with money. Also can anyone clear up if it’s true about having a certain rating can actually lower your taxes? I have a plan on IF I were to get this place I’d let the current tenants on the first floor know the rent would go up to match the average in the area or maybe more. My wife and I would take the second floor live free. I see how many people struggle to find a place because of their dog so I wouldn’t have any breed restrictions, the dog just had to get along with our dog. There is the river across the Main Street by the bridge which I hear they’re turning into a river walk. And with two schools on being DePaul college Prep and the new Jewish private school I know the money is gonna be coming in. There is also Devry, lane tech and public trans to both the blue and brown line within 10-15 min away both ways on the bus. And to top off the pet thing there’s a dog park at Horner and an ice rink and park for the family. Cubs fan can just leave the car at home and walk there.
So knowing once I have the keys and building in my name We can pull this off. My wife and I are both Veterans so We tried out the Va home loan and due to poor financial choices while being in and life just happening I let me credit score get away from me. I wasn’t able to get anything through them.
Currently I’m a barber and she’s a photographer living in a one bedroom apartment making ends meet and still having a little left over to Live our lives. We have no children and this drive to get ahead and change up the way our family lives is our goal, financial independence. I won’t be stopping at this one building I want to continue to grow my portfolio and see how far we can go.
So back to the loan. That’s the only thing stopping me, a few young and dumb mistakes is stopping anyone from giving me that green light. Not blaming them but I know we can do this. Is there anything else we can do? Just one no from an anonymous person can’t be it.
I do have debt so does she. Like I mentioned we both are doing good with our jobs and bills so we are thinking about going to school and just saving the BAH up I have a year left on mine and she has quite a bit of time on here’s. Either we can knock our debt out and start back up to save with a clean score and try the loan again OR take that money and use it on a possible down payment for the loan. We have the means and the time, no kids to distract us either. it’s just that first step.
Thank you for taking the time to read this any advice, tips are greatly appreciated.
@Andrew Rivera For the VA it does depend on what state you are in, but most you need to be rated 100% to receive the benefit. Here is a link for quick reference https://www.veteransunited.com... I would talk with your local VA clinic to get more information about it. Good luck with it and thank you for your service.
@Andrew Rivera You are not giving us the information required to give you a good suggestion. All I got from your post is that you are considering buying a 2 unit building from grandpa. You didn't say how much each unit was renting for or what the new rent would be. If you used it as a primary residence, you could use a VA loan to purchase it, regardless of a disability. If you are permanently disabled, you may be able to get the VA funding fee waived. We can't tell you if it is worth $500,000 unless we know the income it will generate. You would also want to talk to a lender to see if you can qualify for the loan. Making "good money" is not enough. You would need to qualify with credit score and debt to income ratio to qualify. You may have to pay off some consumer debt to qualify.