Financing our first property

[Samuel Nigbur]

Hey everyone,

Using the template,

Our Story/Goals: I am a recent Graduate with a Civil Engineering degree and a job i have been at for about a year for a large asphalt laving contractor in the state of Wisconsin. Growing up i worked for a family friend who owned rental properties i did everything from demolition to drywall, plumbing, and painting. In college I helped out my landlord (an elderly lady) with her properties as well. Now I think it is time for me to start investing myself. My goal is to acquire enough properties to cover all of my wife and I's expenses so we can be to travel more. We plan on doing this through a series of flipping and rentals.

Type of Property: The property we are looking at is a 4 bed 2 bath single family home @ 1865SF.

Location of Property: WI

Purpose of Financing: Purchase-Renovate-Cashout Refinance

Type of Financing Sought: Note sure

Current or Prior Ownership of Realestate: None

Occupancy: Living with parents after graduating school to save money

Value of Property at Present/Offer Price: $100,000

ARV: $200,000

Anticipate or Actual Appraisal issues: Yes, currently vacant and winterized (wont know if water is working until purchase)

Current Rents per month: $0

Fair market rents per month: $1,750

Down Payment: available right now $5000

Source of Down Payment: own funds 

Income Source: Salaried

GMI: take home around $3600

Monthly Debt Obligations: student loans $1000

FICO: Good

Credit Issues: none really never late but student loans do suck