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Updated over 1 year ago,

User Stats

3
Posts
0
Votes
Jim Mello
  • Massachusetts
0
Votes |
3
Posts

Currently renting first time multi unit buyer 1-million loan.

Jim Mello
  • Massachusetts
Posted

I'm a Refrigeration, Air Conditioning, and heating technician by trade. I can basically build a whole entire house myself, and my knowledge is broad; roof, siding, windows, doors, plumbing, electrical work, and more. My father owned Six Nine-unit rental properties, so I know how to maintain and manage them. I also read Brando Turner's book "Managing Rental Properties" several times to become more efficient in running these properties as a business, not a charity, But, not the finance aspect of it. Currently renting and looking to buy a 15 to 22-multi-unit rental property. My credit score is in the low 800 range, and my dept to income ratio is low, My expenses are $775.00 for rent, and the electric bill is $100.00, or let's say my expenses are less than $1000.00 a month. I have two credit cards with a zero balance totaling a line of credit of $10,000.00, FHA will only allow me to buy a 4-family unit, and SBA I'm not too sure of. Using the rent as income how can I get funding to purchase this property or properties similar to it?

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