Private Lending & Conventional Mortgage Advice
Market News & Data
General Info
Real Estate Strategies
Short-Term & Vacation Rental Discussions
presented by
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Tax, SDIRAs & Cost Segregation
presented by
1031 Exchanges
presented by
Real Estate Classifieds
Reviews & Feedback
Updated about 7 years ago, 10/12/2017
Commission based job - Conventional Loan Help
Hi BP,
A little background on what my situation is. 22 years old. Credit score 710 via credit wise.
Duplex I’m looking at: 154,900 asking, 4x2 full ba. It’s been on market for 368 days and I’m guessing because one side is pretty run-down. The owners are willing to remodel the entire side once under contract. I am looking to get it down to 130,000.
-Cash on hand: 13,500, should be around 17500 by December which is ideal closing time.
-Some family will help with a few thousand if necessary.
-Debt: $900 from my last semester at school. No Student loans, and I graduate in December.
I plan on putting 10% down as it will be owner occupied.
MHDC will grant me 4% of the purchase price.
The numbers (including P&I, cap ex, ins., PMI, taxes, vacancy, prop mgmt): ~$1150, I don’t have my analyses paper with me but it was that +/-$50
Each side rents for $900, but since I am in a college town I would bump it to $1000, 250/rm.
I’ve got a commission based job and I bring home around ~2500/mo with no debts, other than the 900 I will pay off at the end of this month. My school was paid for by athletic scholarships. A month or two after graduation, I will be heading to training to be a service manager (41-45k/year depending on monthly cash bonuses) for 19-21 weeks with all living expenses paid for by my company, so there is even more time to build up capital.
ANYWAY: Are there any loopholes or things that I can do to obtain a loan even though I’ve currently got commission based job? I’ve heard of lenders taking into account a job offer letter and future rents as income, but I’d like to know what any of you have to say?