All Forum Posts by: Account Closed

I would fire them. But before I did that, I'd go friendly, and in person, to get a copy of the leases and all other info I could gather. Like mentioned earlier, know the fees you may owe them in your contract with them. Fire them with specific instructions on what to do with the security deposits. Keep emails or a journal that you could use in court if you ever had to

The 5th unit makes it a commercial property. Are you buying cash or getting an investment loan. Offer him less and see what happens lol

I have a similar plan and I'm in a similar situation. Just curious, what city are you looking in? The VA will allow you to buy up to 4 units with that benefit so that's what I'll try to do. Using 0 down means your 100% leveraged, which is great, but also 100% in debt, so going back for a loan before one year might. It be feasible. Other people on here I'm sure will direct us both on that. But if you have at least a duplex with that income coming in I think that helps your ratios to borrow again. Great aggressive plan and great use of your VA benefit.

I bought a duplex in central PA for 25K, but put another 25K into it before renting it out.

Thank you Bill, I'll continue looking.

Hello everyone, I'm trying to buy a home that has a legal apt attached as my primary. I foreclosed on a home in March 2008. The local lender told me I'm ineligble for conventional financing and adviced me to do FHA with 15% down? And MIP for life of the loan? Even with all these expenses the deal still has great potential cash flow. I want to do the rinse and repeat FHA strategy. I am now talking to other lenders.
Am I ineligble for conventional financing?
Is it possible to get FHA with 3.5% down?
Would most banks ignore my duplex income, because it's only been owned and producing for 3 months? Sorry so lengthy.

I was just looking into pulling from retirement, my fine print said I'd have to repay the loan in full at the time I left the job. So that could be an option when you roll it over to your next job?

Some people have rules for cash reserves 3-6 for each unit. It's not sexy advice, but what about saving your employee income up for a year?