Getting Qualified for a Loan

[Eddie Martinez]

Hey BP Nation!

I am trying to obtain my first rental property. And would like another set of eyes to analyze this with me.

4 plex @ 130k (All 2,1 with utility room. 800sq ft. The upstairs units have a balcony.)

$550.00 per month rent with heated water included

$2070/yr in taxes 2012

$1500/yr Insurance

$45/mo electric

$35/mo lawn/snow

I would hire a PM for 10%.

First I want to know if this would be a good investment property, but also, how I can get a loan for this investment property. I hear that some investors will apply for an FHA loan and live it in it for a day or two and then move out. I already own my own primary with an FHA for 15 fixed. I don't have much equity in it right now anyway.

Here is a link to my folder with the excel spread sheet.

https://www.dropbox.com/s/nk2s5uxrlq4qnce/spring%20valley%204plex.xlsx

[Eddie Martinez]

Yeah, I understand why banks are being so picky now, however it seems like you just have to find that right break.

My back up plan would be to keep with my current day job and build up some more equity on the house. I send out about 20-60 yellow letters a week, but haven't found the right person yet.

If I keep at it, somethings got to give! It wont by my spirits though thanks to BP.

BTW: Make sure you check out the Trader Joes that opened up I Plano, I hear they have great stuff! ;)