All Forum Posts by: Billie Jo

Welcome Nick! We own a 4 unit in Corry also, there is a meeting this Thursday the 23rd for the local Apartment Association in Erie

What did you decide?

Around here we can take them to a larger branch of a bank and they have a machine that counts it for you, just dump it in!

I cant take credit for this link but I saw it in another post...

http://www.limitedresources.us

 Any updates on this topic?We are looking to add laundry to our 3 unit apartment building in a separate, landlord metered area..... we are trying to decide which way to go, raise the rent vs. Pay more upfront for commercial machines.... 

Also where did you purchase the machines?

Hey Jim.... to qualify for a loan you have to meet certain debt to income guidelines.... sounds like you shouldn't have a problem if you are able to throw the extra money toward your monthly payments. 

You could talk to a local lender and see what they require (debt to income, down payments, #units, etc.) for a loan so that you have something to aim for for a down payment.  They can usually give you a rough estimate of what you can "afford" without running your credit or anything so that you know what price range to shop in. Since you have pretty good rates on the loans you have, it may be better to start saving down payment money.  Really depends on how creative you want to be! I vote buy now if you can carry your existing debt with your current income..... the sooner you buy rental properties, the sooner the tenants pay them off!! Good luck!

Just call your bank and ask them to provide a signed and dated  letter that says you have at least xxx amount of dollars available in your account. They can email it or fax it to the selling agent. They do stuff like this all the time. Problem with bank statement may be that is is not ending in the past 5 days so you could've moved money,etc. Banks have lots of odd rules with proving where money is coming from,etc. You don't really want to show them your bank statement and open yourself to additional scrutiny!!  

What happened with the dog?

Good for you, Get them trained!

Sounds like you will have your work cut out for you..... hopefully you don't have to evict her and can just write the lease without the man.... I'd like to know how it works out for you! Best of luck!