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Updated almost 4 years ago on . Most recent reply

User Stats

50
Posts
28
Votes
Jesse Flores
  • Investor
  • Harlingen, TX
28
Votes |
50
Posts

No income but plenty of assets and can't qualify for a 198K loan

Jesse Flores
  • Investor
  • Harlingen, TX
Posted

Hi BiggerPockets,

I am looking to buy a duplex for $198K plus minimal closing costs.  Income is $750 per unit or $1,500 per month.  I wanted to get a loan with 25 % down payment.  I have already put in a bid for the duplex but the loan agent cannot get me a loan with decent terms.  I have a little over $800K in my retirements savings and $225K in cash.  The agent is now asking me if I want to pay cash for the duplex.  I'm living on the $225K cash and currently do not have a mortgage as I'm looking for home also so I'm staying in a property that belongs to my father (rent free of course as the home is paid in full and he was not renting it out).

So BPer's...  What do you think I should do?  I do not want to touch my retirement account but I could get say 2 - 3 % and at least have some income.  Please advise as I'm not sure if I should go ahead and pay cash for the duplex (then I wouldn't have any more $ for any more deals).

Please give me any advise as to what I should do as this is my first rental property.  I thank you all in advance on any advice given.

Best regards,

Jesse

Most Popular Reply

User Stats

1,901
Posts
2,548
Votes
Matt M.
  • Specialist
  • Easton, PA
2,548
Votes |
1,901
Posts
Matt M.
  • Specialist
  • Easton, PA
Replied

@Jesse Flores

The rents are $750/month each unit? So $99k per unit?

Just curious because those numbers don’t seem very good

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