newbie needs guidance - Posted by steffie

Posted by Bruce Lawson on February 25, 2002 at 14:24:34:

Hi Steffie,

You say your score is at 630 and you are paying down debt, since debt to income ratio’s also contribute to your credit score paying down the debt is a good idea. To make your efforts worth more make true double payments what I mean is make your monthly payment when due then send a seperate check in for the same amount(more or less depends on what you can afford)write on the check principle only that money will pay down your debt quicker since it is applied to the principle and not the interest.

Your score falls in the conforming arena keep paying on time and paying off and that score will increase.


Bruce Lawson

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.

Re:Ed or Bruce newbie needs guidance - Posted by steffie

Posted by steffie on February 25, 2002 at 18:26:28:

I would still like to know if there is anyway possible that I can get this type of property with a credit score of 630? Thank you, Bruce for the guidance. I will make double payments. I have been sending extra payments, but I will make sure the extra goes to the principle. My question is, how soon can I start? Is their anyone that would be willing to help me now? Ed, if you did not read the earlier post it is titled “newbie needs guidance”