All Forum Posts by: Doug P.

Yea from the info I have got if you are willing to put that money into the deal you should have no problem getting hard money if the deal is good.

It seems like you need them to look at you properties as an investment that make you money not lose money. Mabey thats why starting an LLC is good, because they know you are in real estate as a business

I think I have been wondering the same thing. Are you asking how to get the bank to give you more loans when it looks like your debt to income is too high based on just your income even though the properties cash flow and they don't cost you anything?

Sorry I didn't explain my entire situation in the first post and I appreciate all the advice.

I have talked with my accountant about my income situation and I will be claiming a steady income soon so that problem should be solved.

I am going to drive by the building tomorrow and try to answer most of those questions but the building looks in good shape and it seems like its being sold as turnkey.

here is another problem, at the moment I don't declare any income. I started my business less than 1 year ago and it is currently profitable for me but I have not put myself on payroll yet.

One good thing is that I am able and willing to put up to 50% down on the properties in my price range.

Will I have any chance getting this loan through a small bank with 50% down, fair credit, and my income situation?

10 unit apartment building in West Palm Beach, FL

Price 445k but they seem motivated and say "bring offers"

the building has 10 2x1's rented at $700/mo with a couple unrented right now.

I'm thinking offer 375k lets say all said and done its 400k thats about a $2400/mo mortgage.

+$7,000 rent/mo
-$3,500 expenses
-$2,400 mortgage

=$1,100/mo Cash flow or $110 per unit

Is this a deal?

What would be my best option for getting financing right now to buy a SFH that I'm going to rent out. I have a 685 credit score and cash to put into the deal. I'm looking at properties that cost 50k or less and need very little rehab to be in rentable condition.

Ok so it does work in some ways.

It seems like if you know the prices in your area you could set something up where you knew how much it would cost for a complete cosmetic gut per sq ft not keeping anything.

Yea I really didn't see how something like that could be accurate.

Thanks