All Forum Posts by: Cody Bradley

Investment Info:

Small multi-family (2-4 units) buy & hold investment.

Purchase price: $84,000
Cash invested: $5,000

Duplex I am currently House-Hacking!

I did this with a duplex using an FHA loan with 3.5% down. You sign a paper saying you intend to occupy the property for one year. You can rent the other units right away with no issues. If for some reason you had an immediate need to move, like your family got bigger and you needed more space, I believe you could bug out sooner, but 1 year is supposed to be the minimum. This can really be an awesome way to go. My payment was 740 when I first got it and I rented the other side for 750. I ended up refinancing with FHA streamline and getting my payment down closer to 680.

@Eric Veronica

No offense taken! You're right. Thank you.

 Thank you. Thats a good idea. I can try to create a more formal presentation for them.

 That is a nice feature! I have done that if anything was wrong. It doesnt seem like theres too much wrong at this time!

I was thinking the same! I tried 2 of them. One told me to pay off a few things and come back. So I payed those and when I went back they wanted a 700 score. The other bank doesnt seem to want to call me back.. They are both portfolio lenders. 

Hey thanks for replying! 

I do use CreditKarma and a few other credit apps and it appears everything has been paid. Maybe more time needs to go by. I have been trying to convince my step dad to co-sign with me but he doesn't seem crazy about it. Not against contacting a credit counselor at this point! Passing up on lots of deals since I have no financing!

Maybe I'll consider trying a bigger property. Thank you.

Hey Everyone, I currently have a duplex which I owner occupy half, I've had it for about a year and it covers the payment and about $50 extra. I have a SFH that I bought with a 401k loan so technically there is no lien on the property, it brings in $500 a month gross rent.. not much cashflow but its paying for itself and I Believe it has a decent amount of equity in it. I have another SFH that I bought on land contract with 5k down. my payment is 500 a month on it and it rents for 600. So again, not much cashflow but it has equity and its in my name. I have been at my job for over 7 years and I make about 100k a year. I've paid off all my debt except my houses. I'm still being told my scores are 583, 611, 661. No lender I've talked to will touch me for an investment property. I have equity, rental experience, money in savings, I'm also a realtor and I make good money from my full time job. I just dont get it. What am I doing wrong? I have plenty of credit history from paying off loans and I have 3 credit cards I'm keeping a $25 balance monthly to build things up. My credit was rough a few years ago but I've paid off everything that was hurting me. Trying to figure out what else I can do. I have had to pass on several deals because I can't get financing and owner finance just wasn't an option. I have on in mind right now They have already agreed to sell me for 65k. I have 25% down but cant get a loan.. Any ideas?

I use Zelle also but I only have one tenant. Its free and the money goes in your bank immediately. The only downside I see is I'm not sure if you can stop them from making a partial payment.

@Bridget Poston

no problem!