All Forum Posts by: Gerald Boone

Quote from @Joaquin Camarasa:

To add on to the prior answer since he is fresh out of college he might or might not qualify for a high enough loan amount to buy a 4 plex, you could cosign with him so he can qualify for a larger amount if needed. 

 Why would they consider his income when the property rents will pay for itself?

The lender would probably not question if the funds is sitting in my savings account for 3 months or more as lenders usually only ask for 2 months of bank statements. True or False?

My son is fresh out of college and works part time at 1 job for 4 years since High School. He is also working full time at another for 6 months. 

He wants to buy a 4 plex using the first time buyer program. My wife and myself will give him some of the down payment to accomplish this.

Can this be done?

Can I use funds from my pension for a down payment on a property? The funds will be considered a loan from my pension.

First, the Dish washer should have been repaired/replaced when you bought the property. All appliances should be working in any unit regardless of the rent.

The City of Trenton Auction is on Monday. 

@Spence O.

I'm doing well as both properties are renting for $1,250. Who did you cash out refinance with? The banks that I spoke with will not finance under $50k.

Both properties are on the same street in West Trenton.  They are single family homes in which both tenants receive section 8 subsidy. $1,250 per.property.

Trenton is a city in which 85% of the people are renters, so buy and hold is the way to go.

@Spence O. How is your property going in Trenton?

Are there any lenders financings deals under $50,000? In my market properties are selling for less than $50,000 or close to it. I purchased a property at auction for $11,500 and spent another $25,000 on renovations. The ARV is approximately $65,000. I currently collect $1,250 per month from Section 8. I would like to BRRR this property and move on to the next. Any lenders that's able to make this happen?