All Forum Posts by: Tom Server

 so where does one get their score ?

If i go to all 3 major credit sites, each site- Transunion, Experian, Equifax.. all my scores show over 800.  When I received I asked my mortgage lender he said my score was 725.  I had the report sent to me and on the paper it had the 3 site- Transunion- 725, Experian 725, Equifax 695.. how is that possible ?  And yes when I called Equifax they said they are using old data, and for me to have them lender call Equifax.. 

So I always thrived on having good credit.. I use credit karma and I go to the major company sites to view my score.  I applied for a mortgage for SOFI they sent me a letter with my credit score got sent.  My credit score on the letter was a  695 for Equifax with a 9/20 date... I went to the Equifax website and my score was a 817. I called Equifax to question why Sofi would show a 695 score and on the site I show a 817.. she said Sofi was using old data, and to tell them to call to confirm the up to date data.. is this true?  Can the score really be that much different? 

 other units are 2br, the section 8 is a 1br 

 I dont like that, cause then this will hold up the sale of the property if they cant evict the tenant 

 Leases are currently month to month but the unit I would want to live in is a Sec 8 rental 

Closing is planned for nov 17th 

I'm purchasing a triplex which currently has tenants in all the units. I need to apply for a mortgage loan.  I plan on living in one of the units, but what happens if I cant evicted in time of the closing? Do I need to apply for a non own occupied loan instead?  Should I still apply for the loan and put the address of the unit I plan on living, even if it takes a few months?

@Bobby Paquette, you think raising their rent $200 more per month, then on top of that charging $200 for the garage space? doubt ill see that money 

Hello BP, I'm currently in the process of purchasing a triplex. Offer accepted.

Doing the numbers my net cash flow should be between $500- $700 a month with the current low rents.

Im in New Jersey and the current rents are really low, but the area isn't the greatest.

Current rents are

2br/1 bath-$1050

1br/1 bath-$ 950 (section 8)

back apartment-

2br/1 above a 3 car garage $1050

The 3 car garage is also being used for storage, I believe from all 3 tenants

All tenants have been there for a while, all over 5 years and lease right now are month to month

I was looking at the Hud websites for the area and the FMV rent for a 2br 1 bath is $1471 and for a 1br 1bad $1140

Any suggestions on what to do.. I also would like to charge for the 3 car garage use, or have them remove their stuff, so i could store my personal stuff in there and save me 200 dollars a month for my current storage unit.

Thanks