All Forum Posts by: Slade S.

@Charles Carillo

Unfortunately an FHA loan seems unobtainable. I will not be approved because I do not have 2 years of employment. My father will not be approved because he will not be living in the house.

@Piotr Staron

I am in the area and looking for my first multifamily or SFH to BRRRR

@Rene Owczarski bare land.

I've attached a promissory note to the purchase agreement and now a title company is writing up the terms.

Your goals and story: I want to own a small multifamily that I can live in and manage. I have my father willing to help in any way.

Type of property: multi-family (2-4 units)

Location of property: North East PA

Purpose of financing: purchase, upgrades/reno

Type of financing sought: Not sure

Current or prior ownership of real estate: I carry a note on 10 rural acres (I collect $200 a month) and own another 5 acres worth about $20k, both in OR.

My father owns his SFH in PA, about $250k.

Occupancy: I am looking at a 2 unit with tenants already there, but ultimately I would like to live in the house.

Value of property at present and/or your offer price: $80k

After repair value: $100k

Anticipated or actual appraisal issues: leaking roof, roof repair needed

Current rents per month: $1600

Fair market rents per month: $2000

Down payment or equity: I have $10k for a down payment

Source of down payment funds, if applicable: gifyed funds

Income Source: I am collecting $200 month from carrying a note, plus $1500 w2 but no history.

My father has pension, SSI, and $2000 w2 a month.

Gross monthly income (optional): $

Monthly debt obligations appearing on credit report, plus (if applicable) personal rent and alimony/child support/etc: $150

FICO: not sure.

Credit issues: I have a low score (700), father has excellent credit

Been listening to the RE podcasts and now my father and I would like to partner up and buy a small multifamily in PA for less than $100k. I am very able to renovate and do landlord type fixes. We are very new to investing. Where do we begin to figure out our best financing options?

Here is some info about us...

I am in my 30s and have a short history of income. I consider myself a jack of all trades. I have about $20k in savings. I'm carrying a small note on a rural 10 acres (only collect $200/month) and holding a 5 acre property in Oregon (probably worth about $20k). I have a low credit score of about 700.

My father owns his home worth about $250k and has great credit and good income.

Please go easy on me, I'm new to financing, but I gave done a couple land deals so I know a little about tax deed auctions, purchase agreements, title companies, recording deeds.

Thank you for any guidance!

I have a property I would like to sell for $8000. I would like carry the note with $3500 down and the rest as monthly payments with interest. 

I have sold a property before but never with interest, so I have a few questions.

How do I come up with a fair interest rate?

I plan to use a purchase agreement with a promissory note. How do I word the monthly interest payments?