getting my feet wet! - Posted by JDS

Posted by Jim IL on March 12, 1999 at 09:15:26:

Not that I’d personally have any advice, because I too am in the “hard to prove income” with “Shaky credit” category, but I’ve found you get better responses with more info.
What is the FMV of the duplex, what are you gonna pay for it?
Does it need repairs? If so, how much?
Give as many details as you can muster and your answers will come back.
Also, try posting to the main newsgroup, that is where the experienced investors lurk.
Good luck,

P.S. Ask your mortgage broker about “No doc” or “Stated income” mortgage programs. this way, you only have to tell then what your income is and show tax returns or other ways.
If that fails, perhaps, if your buying under market value far enough, then a Hard money loan might work. That means you get a loan that is “equity based” and you don’t matter.
Read the “How to” articles here, there is one that covers this type of money.

getting my feet wet! - Posted by JDS

Posted by JDS on March 11, 1999 at 11:46:12:

I posted under the subject"my first duplex?" yesterday and have waited anxiously for a reply. None yet. I am venturing out to a mortgage company. My credit is low and I have been self-employed for the last 6 years. Unfortunately, I am not really able to substantiate all of my income. In my line of work, I have many deductibles which are not always documented. I fear that the mortgage company will not give me a documented loan based on my lack of high credit and inability to prove my income. I have an appointment at 12:30 today with them, but if I come back with negative results from them, where can I go to secure a loan for this duplex that is for sale that is already generating $785.00 per month and is free and clear? I’ve got a couple of ideas, but would like a few more suggestions. Please help if you can. Thanks,


Re: getting my feet wet! - Posted by Mike

Posted by Mike on March 13, 1999 at 21:21:10:

A free and clear property is perfect for about 10 different no money down techniques. If you haven’t bought the CS course do so tonight. If you are just reluctant to get started, I’ll be your negotiator for a 1.5% fee ( of the sale price), due at closing.