All Forum Posts by: Nicholas Wedra

I would like to buy a multifamily property in Traverse city Michigan.

Real estate in traverse city area is quite pricey and the buildings I am

looking at are around 420k. The rents on apartments or multifamily homes

like the ones I am looking at average 1500 in this area. I would like to

put 100k cash down on the loan. I am a full time w2 employee and make 25 a hour or around

50 55k a year. Ive read I can use the rental income from the multifamily ( OR 75 percent of

it) towards my income to qualify. I also want to rent out the mobile

home i own and live in after i buy the multifamily property. Rents on mobile homes like mine average 1400 a month,

but i have no idea if they will account for this income as i haven't

ever rented it before. A mortgage calculator put me at 2100 with

tax's/fees for the home i was looking at, with the rental income i am

comfortable with that but will lenders be OK with that? MY debts

otherwise are 0, my vehicles are paid off, my home is paid off. I

haven't spoke to a lender yet but will be looking for one soon. what do

you guys think, will a lender work with me or should i look for cheaper

homes, thanks. Also to note is im a 25 yo first time home buyer with a

700 credit score..  I don't know if a lender will care but i also have 125k in stocks and made around 10k in gains last year, Thanks!!

I would like to buy a multifamily property in Traverse city Michigan.

Real estate in traverse city area is quite pricey and the buildings I am

looking at are around 420k. The rents on apartments or multifamily homes

like the ones I am looking at average 1500 in this area. I would like to

put 100k cash down on the loan. I am a full time w2 employee and make 25 a hour or around

50 55k a year. Ive read I can use the rental income from the multifamily ( OR 75 percent of

it) towards my income to qualify. I also want to rent out the mobile

home i own and live in after i buy the multifamily property. Rents on mobile homes like mine average 1400 a month,

but i have no idea if they will account for this income as i haven't

ever rented it before. A mortgage calculator put me at 2100 with

tax's/fees for the home i was looking at, with the rental income i am

comfortable with that but will lenders be OK with that? MY debts

otherwise are 0, my vehicles are paid off, my home is paid off. I

haven't spoke to a lender yet but will be looking for one soon. what do

you guys think, will a lender work with me or should i look for cheaper

homes, thanks. Also to note is im a 25 yo first time home buyer with a

700 credit score.. I don't know if a lender will care but i also have 125k in stocks and made around 10k in gains last year, Thanks!!

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So my intial understadning is when a person refinaces a loan they essitinally are swapping out there old loan and replacing it with a new one with less interest. in this situation i underatand how people save money by lowering there interest rate thus lowering there payments, but i have been reading and hearing from people stating they got a large sum of money when they refinaced. i just read a artical where somome got 18k from a refinace. i just dont understand where the 18k came from if all he did was get a lower interest rate and in turn lower payments.