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Updated almost 6 years ago,

User Stats

80
Posts
9
Votes
Matthew Koch
  • Investor
  • Twin Falls, ID
9
Votes |
80
Posts

Finding the support to fund my own deal for sfh into rental!

Matthew Koch
  • Investor
  • Twin Falls, ID
Posted

So my middle credit score is 614 my high is 652 my low is 638.

I have to have a 640 for an fha loan and it's looking grim before being able to fund this deal before the end of march. I know I can qualify for that loan if I had the down payment support for option a, the 3.5 percent down by fha or some other means being the 10 percent down. The house I'm going to get under contract for 200,000. Showing him the numbers of course is the best way to secure this deal. The loan I'm shooting for is 230,000. So. I figure the amount someone helps me with even if it is 10 percent is 23,000. I get my loan and cover my closing costs of about 3,000 leaving 20,000. (Going off of the 200,000 I'll pay for the house and subtracting from the 30,000 left over) that person I borrowed the 23,000 from gets there's plus interest so about 24,000. Maybe.

Finally the 6 grand left covers the property tax and insurance with the first month rent or deposit and any other costs without a real estate agent taking more money as ill be the main guy making sure the proper paperwork gets done along with title insurance and the like, then we move in. The excess money goes to my current revolving credit card debt and truck payment with my 2 other loans and I pay off and that frees up 620 extra bucks a month I take care of the place for a year on my current job with my wife making 3300a month and then get this house leased out or rented then that people help pay my mortgage and costs then I get into a better mobile home paying about 300 a month and saving towards the next property soon after that year and making the next down deposit with my own cash and owing no one except the next person to fund my next apt complex!

There's my plan to repeat for purpose and money in financial freedom in 10 years or under!

Now, whoever can direct me in the right company or person to help secure this terms then ill be elated and happy to work with you! 

Thanks for reading my post.

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