All Forum Posts by: Wesley Robirds

I'm looking into my first potential investment, I'm looking for any ideas of possible ways to get the capital the list price $550,000 on four units, current rental income $3595/month the property is in good shape has two long term tenants and the other two unit are occupied and I'm currently looking into financing but I don't think I'm going to be able to get a conventional loan any ideas on other possible ways to get the funds that perhaps others have used or know of I'm brand new to all this and I'm still learning a lot. Thank you in advance

I'm looking into my first potential investment, I'm looking for help on how to figure out how much I should offer I know the list price $550,000 on four units, current rental income $3595 the property is in good shape has two long term tenants and the other two unit are occupied and I'm currently looking into financing options but what I don't quite know is hi to assets the property to make a rea a loan offer on the price and advice or help with this would be greatly appreciated

Thanks for the response Everyone I'll definitely check out that book as well as getting in touch with a mortgage broker

Sorry didn't see your second response about the 75% from the income from the property

Thanks for the reply I think my difficulties would be the down payment in this situation plus tif the don't account for the rent income my W2 job wouldn't qualify for the size loan which is whee I'm stuck at trying to figure out any advice on this would there be a way VI's say a hard lender for the down on the FHA or any other options like mentioned before I'm still very new and learning a lot everyday on how to go about buying property's as an investment

How hard would it to be to finance a four plex while occupying one as a first investment and would also be my first home loan in general? The more information I can get the better on the possible down sides up sides or issues anyone sees with this plan also advice on where to find this kind of financing would be great I was told I could possibly have 75% of the potential income to be considered for the loan and the last off my w2 income.

So essentially my w2 income would need to be able to qualify for a quarter of this loan if I was to occupied one of the units would this sort of loan be done at a normal bank or what would I need to do?

I'm brand new to real estate and have found a four plex in my area that I believe could be profitable but I don't know if you finance multi units the same way as single family homes? Any insight to this would be much appreciated

If it's electrical or plumping I know for a fact here in Washington you need a licensed electrician or licensed plumping if the work is not being done by the home owner so I would say unless you are doing it they can technically yes I only know this do to being an electrician in Washington

I do have a full time job and could use extra money but more looking at it as a long term deal to build cash flow and set my self up for retirement.