All Forum Posts by: Anna Buffkin

I agree with @Aaron Klatt. While there are low and no money down options, that's the easy part.  You need savings to protect you from vacancies and unexpected repairs.

How quickly do you plan to get married?  It will probably be a year anyway by the time you get engaged and then plan a wedding before you actually tie the knot and begin living together.

Wait for him to propose and then plan a wedding for next fall or even if you get married earlier, it would only be a short time for him to have long commute.

I'd say worry about where to live and commute times once engaged. You have enough to worry about with a new 4plex.

I'd say it depends on how under market it is.  I am under contract for a bundle of 3 condos.  2 rent for  $750.  The 3rd is rented for  $700.  The tenant panicked about her rent potentially  going up and has asked for a 2 year lease to lock in her rate.  I agreed figuring a bird in the hand is worth two in the bush.  

I'm feeling a little better about this purchase as I may have secured long term financing!

Thanks @jeff bridges. I asked about seller financing initially, but the seller has a partner who wants out totally to retire.  The seller needs the cash to buy out his partner on a larger project he is keeping.

Thanks @Will Gaston.

thanks @Willgaston.  Buying at this price point has always been about creativity or cash on hand.  I guess I need to think outside the box a little more.  

My prefered lender is Neighbors United FCU in Greenwood. I think they are also a little hesitant as I just took out a mortgage with them in September on a rental and have 22k of a 30k HELOC utilized which I used for previous purchases.

My husband and I moved to Greenwood about 5 years ago, but still chose to invest in Columbia as we know Columbia inside and out.

I have found  a niche in the "shallow end" of the real estate pool with sub30 condos and  $100k +/- homes

I have been offered for purchase 3 condos - a 2/2 and two 2/1s for $80k total.  I already have a condo in the same complex which I purchased from the same investor.  He is scaling back as he is getting older and emailed me to see if I was interested in his other units in that complex.  My unit rents for $750.  2 are occupied and rented at $700 and $750 per month with what appears to be quality tenants.  The 3rd will need a tenant as the tenant moved out this weekend at lease termination. This unit was rented at $800 but it was over market and will probably rent for $750 with the next tenant.

I fret over every purchase. I have a credit union that will make in house loans (portfolio loan) on investment properties up to $120k for 10 years fixed with 30% down. I actually have a $21k mortgage with them. My problem is they won't take rental income into account until the unit is owned by me regardless of existing leases and then they take 75% of gross rent. This makes the DTI too high for a loan with them for this purchase; however, after 6 months, I can refinance and count 75% of the rent on the new purchase. I have already spoken to my banker about this option. Most banks and private lenders don't like to loan on such a low amount. I have a private lender who will give me an 18 month bridge loan with a 6 month prepayment penalty for a monthly payment of $700.

The numbers appear to work, but I have never done a bridge loan  before and need some reassurance. 

The property is in Columbia, SC.

My last conventional loan for a rental was 10 years at 6% fixed if that helps.

Not much of a story, but I purchased an $18k condo using a plain old unsecured loan like banks and lenders advertise for debt consolidation or major purchase/renovation. Quick loan with 9% interest but very little paperwork and no other fees. I later "refinanced" it so to speak by rolling the balance onto my HELOC at 5% to increase cash flow.

While technically not creative financing, I got a $21k mortgage from a local credit union earlier this year for another property.