All Forum Posts by: Ray Day

I'm in the process of inheriting a 12 suite bldg from grandparent. The bldg needs almost 200k in repairs but I know the monthly gross can be at least 8k a month. Not including a restaurant storefront on the property. I'm curious as to how, where, or what type of loan or grant to get the bldg renovated. I was leaning towards renting to veterans or some type of transitional house in the end. The property is paid for with no liens, but my current income isnt high.

@Shaun Weekes2 years, been using it and working for about 16 months.

@Shaun Weekesi did floors before im a cdl driver now. Its my primary residence. If i was to guess id say 60k

@Melvin Listi was a tile setter, never filed taxes. Now im a bus driver. 2018 was my 1st year filing taxes

@Melvin Listi didnt work beofre 2018

I want to buy my 1st rental. I own a house already free and clear and i dont have the two years of w2s lenders are asking for. I have been working a year and my income isnt that high. Any suggestions on how to get a loan(s) to buy and scale.

@Nathan Christensen i live in cleveland and i would steer clear of lorain, oh because the monthly rent is way lower than cleveland. Numbers may be good but the rent will be lower, so smaller margins.