All Forum Posts by: Mara Witt

Hi, so, just started poking around here yesterday and I'm ready to jump right in and start trying to work out that big obstacle that has been standing in my way. Downpayment. I am looking to buy a two or three family in Manchester, NH. I currently own a 3 family that I live in and it has worked out wonderfully. I bought my current home two years ago FHA so only had to come up with 3%. This time it will be, 20%-25% down depending on how many units. My original plan was to borrow money from an annuity account (I was given the wrong info over and over and thought that the taxes for borrowing it would only be 10%, my accountant has sense showed me that is not the case and it would NOT be a smart decision to take any money out before retirement) This knocked me down for awhile, and I kind of let the dream go for a bit. I recently looked into borrowing equity from my current 3 family but the bank said not enough. I know there has to be another way. I'm just here to learn and see if there is anything I can do. No, I don't have any family that could help, and I don't have any savings to speak of. I do have pretty good credit and I obsess over it and it is on track to be "excellent" If anyone has any possible solutions for me let me know! I'm eager to start researching different ways to make this happen!

Hi!  I'm Mara, new to BiggerPockets and hoping to get some info and help on financing my next project!  I'm a single mom, three years ago I was married and going through a foreclosure on (my ex husbands) single family home. With 3 kids, two dogs, no degree, and not having worked in years, and with an ex husband that is not reliable financially, there would be no way for me to be able to afford to pay rent. I worked very hard and it was NOT easy but in August of 2013 I closed on my first 3 family home! Since then, I have been able to spruce the place up enough to raise the rent by $200 a month and after refinancing twice, I now make $150 a month after my mortgage is paid!  I have great tenants, and my neighbors are thanking me for making the "bad" house in the neighborhood so much better.  Buying a multi family has been the absolute best decision I have ever made, It has been a turning point in my life,  I am now able to be comfortable financially for the first time EVER.  I am now looking to buy another multifamily home and be able to make a profit, have an income when I retire, and be able to pass something down to my children. The big obstacle right now is that pesky 25% down payment....  Hoping to look into some creative ways to finance, I have good (soon to be excellent) credit but no savings. Looking forward to sucking up all the knowledge this site has to offer!