All Forum Posts by: Account Closed

Hi, 

Can anyone recommend someone who can tuckpoint two spots on a brick house for me? Do I need a masonry person or just a general handyman? 

Hey everyone!

I'm hoping there are a couple people that are in my position or that have advice on moving forward. I have been self employed for most of my adult life. I make in the six figures right now, but taxes have always been an issue when it comes to borrowing. I bought a condo 3 years ago and have around $80K equity after all the closing costs. I'm looking to purchase an investment property and have around $100K liquid to use, as well as the equity in my current residence. IF I don't sell my condo, it will rent extremely easy and passes the 1% rule with flying colors. But living here has made me realize how cheap it's constructed, and how much I HATE the ridiculous HOA that goes up around 10% a year for some magical reasons.

My girlfriend isn't happy living here due to wanting more space, a yard, not having to go up 2 flights of stairs, etc. etc. and wants to buy a "forever" home asap, but is also opened to a house hack situation where we buy a fixer upper. Also, we are in the Portland Or. area so prices........suck. She has be pre qualed solo for just over $300K, I couldn't be on the application due to me owning a home already, and showing a very small amount of income in 2016 and now even smaller amount for 2017. Think sub $20k per year, this year is sub $10k in income. Which is great on one hand since I owe a very small amount of taxes, but sucks for financing. 

I was excited to get my taxes back and go directly to a lender with them to see my financing options. Well now my financing options seem to be zero with me showing so little in income. 

I guess I just don't know how the heck to proceed. I'm bipolar when it comes to selling my unit, one week I definitely want to sell and use the money to purchase a new home, the next week I feel stupid for even considering selling because I bought this property the right way and got a killer deal. Plus my initial thoughts for purchasing were strictly for a rental eventually, and I'm in a great A location next to so many things, and Portland has already started spreading out where I am and developing the area for huge growth. 

I feel like my best option is to continue saving until I have around $200K to purchase a property in cash. I just don't want to wait that long and am ready to start now. I just feel overwhelmed with picking the correct path and right direction to head. Sorry for the rant, I'm just hoping to get some out of the box ideas or to be called an idiot and to calm down :) Thanks in advance everyone!

Hello all, I am in need of some advise from all you multi-family experts out there. I have an opportunity to purchase a 10 unit apartment building and a 2 unit house. The details are: Purchase Price = $425,000 Repairs Needed = $50,000 Terms = Land Contract- 7.5% down at 6.25%-20 year am 5 year balloon. Potential Cashflow after PITI, vacancy, cap x, etc is $1,600/month. My issue is that the apartments are in a small town of only about 3,500 people. There is a good mix of some low, middle and high end apartments in this town. The current owner has lost some loved ones over the last few years and hasn’t had the units rented in over 3 years so there isn’t really any rental history. She has started to remodel some of the units and currently 7 of the 12 are rent ready. I should also note that she would be willing to give me some time to make the repairs before making a mortgage payment to her....like 60-120 days. My only real concern is having a good rental pool based on the low population. The nearest large town is about 25 minutes away. Has anyone dealt with this situation in the past or does anyone have any advise? Any help would be greatly appreciated! Thanks!!