newbie needs guidance - Posted by steffie
Posted by steffie on February 25, 2002 at 12:52:32:
Hello everyone. First I would like to say I have been looking at this sight for a couple of months, its really wonderful! I have wanted to invest in real estate for about three years, but didn’t have the nerve because of negative feedback from others. I am now trying to take a step forward so I won’t be just another dreamer that never takes action.I would like advice from Ed and anyone that may have information that can help me. Here’s my situation: I am in the military, I lived in Texas for several years but recently moved to Tennessee. I am interested in 4-plex’s. I have been tracking several.
1-135,000 rents are 450
2-135,000 rents are 495
3-119,000 rents are 2x395,1x400,1x595
The last one really sounds good, but it’s about 20 years old and its been on the market for awhile. Its all wood. I was concerned about termites. The other two are brick. I thought brick would be easier to maintain. I am sure that I can talk down the price. My problem is I have a credit score or 630. I am working on paying down my credit cards, other than that I have not been late on anything for the past 5 years. My gross income is 2900 a month. I have about 4500 saved up. My husband is not working yet, so is there anyway with VA I can purchase this type of property? As I said before I am not living in Texas right now, but I feel more comfortable with property in this area. I will evetually go back to Texas. In the mean time I want to get a property manager and my husband will be checking on the property from time to time. I would like to add that I want to buy several of these types of properties in the same area, because 4-plex’s are a hot item there. Any advice would be gladly appreciated.