Updated over 4 years ago on . Most recent reply
Mortgage Options for 600 FICO on 75% LTV purchase 8-12 properties
I am considering selling my duplex in SoCal and taking that money out of CA. I nearly break even on the rent/mortgage but if I am able to escape CA on a 1031, I could potentially be positive cash flowing in the $1500-$2500 a month range on the same numbers. Here are the very ballpark #'s.
Sales price $1.2m
Net $1.1m after sales expenses
Mortgage payoff $800k
If I wanted to do a 1031 on 8-12 SFRs priced in the $80,000 to $150,000 range and have about the same #'s (without adding a ton of my own funds), what are my options for purchase loans? I assume that I can't have 8-12 individual mortgages?
Had some credit challenges last year, thanks to COVID. These are all handled at this point, with no running lates.
FICO around 620 (Experian 641, Equifax 622)
Options? Forget it and don't even try? Thoughts? Thanks so much in advance!!!