Financing our first property
Hey everyone,
Using the template,
Our Story/Goals: I am a recent Graduate with a Civil Engineering degree and a job i have been at for about a year for a large asphalt laving contractor in the state of Wisconsin. Growing up i worked for a family friend who owned rental properties i did everything from demolition to drywall, plumbing, and painting. In college I helped out my landlord (an elderly lady) with her properties as well. Now I think it is time for me to start investing myself. My goal is to acquire enough properties to cover all of my wife and I's expenses so we can be to travel more. We plan on doing this through a series of flipping and rentals.
Type of Property: The property we are looking at is a 4 bed 2 bath single family home @ 1865SF.
Location of Property: WI
Purpose of Financing: Purchase-Renovate-Cashout Refinance
Type of Financing Sought: Note sure
Current or Prior Ownership of Realestate: None
Occupancy: Living with parents after graduating school to save money
Value of Property at Present/Offer Price: $100,000
ARV: $200,000
Anticipate or Actual Appraisal issues: Yes, currently vacant and winterized (wont know if water is working until purchase)
Current Rents per month: $0
Fair market rents per month: $1,750
Down Payment: available right now $5000
Source of Down Payment: own funds
Income Source: Salaried
GMI: take home around $3600
Monthly Debt Obligations: student loans $1000
FICO: Good
Credit Issues: none really never late but student loans do suck