All Forum Posts by: Tre Mcfadden

Thanks Charles...is it possible to get a loan from a bank for such a small amt. with such terrible credit. I have been told once before by a friend to do something similar to what you've said. I guess im not sure how that process would work.

Condo in terrible area are selling cheap 4 units 40k some unit are more expensive, all are 4plexes the most expensive is 75k. This area will eventually turn around but they are currently in foreclosure.

(per building 4units)
HOA Fees: 6000-7200 yrly
est. taxes: 4500 yrly
Monthly rent: 550-600 (2250)
Insurance: ????

does this deal seem good or bad

O.k i've been lurking and posting here over a year now but im a little nervous about taking the plunge. Heres my situation, i have 45k, terrible credit, monthly income of 3500 as of april 08 (new job). My thought was to buy a 3 bdr house for 24-30k in a mediocre area.....clean it up and rent it out then possibly continue until i have reached my goal (15-20 properties). please help with any advice but try to stay on topic thx.

Noted, thats why i was wondering how hard it would be to obtain a commercial loan in my situation to get things rolling..

I was just wondering how hard would it be to obtain commercial loans to purchase a apartment complex. Maybe 350K to 650K......My situation is pretty weak I can get my hands on 50 or 60K no w-2 and a monthly paycheck of 4600 (new job) credit of 600+ i think. Is it at all possible do i need a cosigner? What are the usual qualifications?

Just spoke to the real estate agent i was supposed to meet with today to view the property from deal #1 she said it was no longer available but fannie mae reps. say it is.. oh well im off to search for my next property.

Thanks for the advice i have already subscribed but will unsubscribe to bargin.com, i guess will continue to research but i will eventually need to get my feet wet.

Deal 1: Found a nice 2bdr in a so so neighborhood for 20K spoke with agent she said mortgages don't loan less than 50K and I would be better off buying cash or getting a loan from my bank. I would keep this home as a rental at 550 to 625 per mo.

Deal 2: Found another home 3bdr brick in mediocre neighborhood for 41K zestimate show the house is worth 68K it probably needs work but the only fear is the neighborhood is not great homes aren't selling there very quickly.

Please let me know if you all think one of these deals are worth while.

I have 30K a mediocre job and a credit score of about 630 what should i do. My plan was to buy a cheap foreclosure, hud or fannie mae home for maybe 25K and use the 5K left for remodeling and use this method until my money or credit was better. What are my options if i have any?

I want to flip homes and keep some for rental properties. im located in houston, tx.

Also what is the best foreclosure list i have been using barginnetwork.com.

Also notice a lot of cheap foreclosure properties in the midwest less than 10K maybe i should try out of state investing.

Any advice or help will be great. Thanks in advance.

Hello all newbie here from Houston, TX trying to get my feet wet in the real estate world, i've been lurking for about a week and love this forum. I will definitely be looking forward to all the great advice.

Great question im a newbie and was kind of wondering the same thing as for me i live in houston with a start up cap of about 25k and homes here are through the roof. Im completely lost my self.