All Forum Posts by: Account Closed

Thank you so much I will be callin first thing tomorrow I am not
Losin this deal I want to make first move!

What if I try another bank? Or they all require 680??

The bill wasn't mine it was my dads but even if I do that would
That be the fastest way to get them to update my credit score? I am not losing this house and I tried credit unions but they want at least 55k of a loan to even consider how do I do commercial??

No that isn't my issue I just want to know how can I go about getting approved for this loan the legal way and would a bank loan at 663 being the middle? or is that the requirement all over now of 680.

Ok put deposit down on house deal is excellent. I currently have 25% down to get a conventional loan but the problem is my credit score. Bank of America requires 680 as the middle number but right now my credit is 643, 662, and 730. I have a dispute I just filed today with experian because me and my dad have the same name and they ran the WRONG name under it (it was his loan for 111 and never got paid) and it is the one negative item on my credit. They said it takes up to 30 DAYS TO GO THROUGH!! and bank of america said that it may not be a huge difference, but it should because EVERYTHING WAS PAID ON TIME AND that is the only problem. I have no debt and a great amount of reserves. I am calling the place that has ran the wrong name and will file a dispute with them..

The other suggestion was from the bank of america rep, was to take out an FHA loan. This is an investment property and I clearly said I will not be living there yet she still recommended on taking out this kind of loan. She said I can always say I had to move and circumstances changed but I am aware this is FRAUD. Should i try other banks ?? or how can I get apporved please any advice. I am not losing this deal!!!

this is my first investment property so I am not to sure. I am going by the rules here and by everyone elses advice. Are thos inter cities that are war zones or are they in decent neighborhoods/

I did receive an insurance quote of 866 a year, which is 73 a month so that helps alot. I have 100k on the building and 300k in liability, and also fire, lightning, damage but not water damage .. I will appeal the taxes and try to get them down a bit

As of right now the numbers come down to this

30 year loan at 36-37K - around 215-220
Taxes 3200- 267
Insurance- 73
Water/Sewer bill 296 (6 months only one unit was 296.00 both units rented probably 450) - 75 a month
Vacancy- (8%) 104 month
Maintence- each unit 100 200

Expenses are - 934 month

Rented out would be 1300

Potential cash flow for both units- 366
183 each unit

Follows the 2% rule if i purchase for 50k I am getting more than 1k of rent
and 50% rule is covered

Deal sounds good?

Also my return on investment would be if i put 12k down pay 3-4k in closing costs for total of 16k

the potential is 4,392 a year which is about 25% on my Cash invested sounds right

Thank you very much for the response the boiler just scares me
But the inspector
Should
Be able
To help me
Out more

ok just another quick note, the owner sent me the bill for when his heating system got serviced. The second floor uses a boiler and it stated on the bill it is 76% efficient, and will need to be replaced soon. the chamber is collapsing and is in poor condition. The first floor uses gas and didn't say any special notes about that. What should I do here as I have not put an offer in or had my inspector come in. We are in between 45-48k now for this property

How do I appeal the taxes go to the Meriden city hall into the tax department? Is this something that can happen in my monthly payment immediately or well take a few months?