All Forum Posts by: Joseph Urrea

Thank you all for the great input. Jim Keller you are 100% right and that is way i have been living in the bad part of town for almost 4 years now, so i could save up for a big down payment. I will start looking a little harder and talk to an FHA loan officer and see what they can come up with.

Hi Darren

Thanks for your reply, but here is where I am having troubles. Let's say I find a fourplex for $700,000 ( I live in California ) and I get a FHA loan at 3.5% that is $24,500 which I do have, the bank will still not give me the loan because the mortgage will be a little over $3000 a month, which is close to how much I make a month. My income varies from month to month, sometimes its 5k most 3k to 4k. and as we all know the bank will not count the rent money as income when trying to buy that property. This is my problem, I have good credit, I have some money for a down payment, I just don't have the income to buy something that will work for me. I could buy a single-family home in the bad part of town but I am not looking for that. I don't think anyone is.

Hi, This is my first post here, so I'm just looking to get some advice on buying my 1st home, hopefully a duplex or triplex or more to help paid off the mortgage and get some cash flow going. For me right now i think buy and hold is the way to go. I have saved up money for a down payment and have a great credit/ fico score, 831. But I do not have a very high income. Is there anyone out here that can help guide or advice me on how to get started.

Thank you for the time.

Tony.