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Updated almost 4 years ago on . Most recent reply
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No income but plenty of assets and can't qualify for a 198K loan
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
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@Jesse Flores
The rents are $750/month each unit? So $99k per unit?
Just curious because those numbers don’t seem very good