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Updated about 8 years ago on . Most recent reply

User Stats

36
Posts
10
Votes
Mathew Weissman
  • Parsippany, NJ
10
Votes |
36
Posts

What would you do if you were me? First time buyer.

Mathew Weissman
  • Parsippany, NJ
Posted

Hello BP community-

I am currently looking to buy my first multifamily property to house hack.

Heres a little breakdown of my situation..

I currently make $15 an hour working a part time job while attending college to become a nurse. I have a young daughter who is 5 so I am limited right now for areas to invest in because I would prefer a above average school for her to attend to. Right now I have 30k to invest, I would like to purchase a multi family triplex for no more than $200,0000. My credit score is 748 as of right now. 

I have  feeling that most banks wont approve me for a loan due to my income. I am currently gathering paperwork to send to my bank for pre approval. Lets say I don't get pre approved because of my income. What do you suggest I do?

I have no family support so I am currently renting using money from my inheritance which obviously is just wasting away. I am trying to invest it ASAP into property before I graduate school. 

Thank you.  

Most Popular Reply

User Stats

184
Posts
33
Votes
Todd Douglas
  • Realtor
  • Detroit, MI
33
Votes |
184
Posts
Todd Douglas
  • Realtor
  • Detroit, MI
Replied

Hello, it depends on the market you are shopping in?

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