All Forum Posts by: Eric Allen

Hello!

I am looking at purchasing my first duplex, which is a bank foreclosure for $19,000.  It is currently county assessed at $78,000, but needs some TLC.  I have estimated that remodeling will run me about $15,000 as I will be doing the work myself.  I have a full time job as a remodeler for a property owner, but am paid under-the-table and do not receive a W-2.  I did work 10 months of this year in a salaried position, but have since left as of October.  I have excellent credit (score of 800), no debt, and money tied up in investments (which would be unwise to withdraw).  I am curious as to how my bank would attest to lending me the money for the purchase and remodel without a current paystub.  Has anyone else had a similar issue and how have you dealt with this?

Hello all,

I am currently living in the NY metropolitan area working as a financial consultant in Manhattan.  I moved here from a small town in upstate NY where I recently graduated from college.  My real estate experience is slim, but I did a rent-to-own on a mobile home and then sold it after 1 year.  I also flipped a mobile home for a 100% profit in 1 month.  I worked as a contractor for rental property investors in my home town (the same town that I worked with my mobile homes) where they owned about 90 units.  I have always had an interest in rental property investing, mainly because of my exposure since I was a teenager.  My interest in rental property investing comes from the fact that I can have my money work hard for me (or someone else's money) so that I can enjoy things in life.  I took a job in NYC as a way to gain experience and 'break out of my shell'.  I am planning on moving to the Denver area or southern NH/ Boston area within the next year.  I can possibly begin investing back home (Plattsburgh, NY) as well where I have many connections (and it is very cheap to buy).