All Forum Posts by: Chase London

Working 3 years at job (with hopes of getting mortgage approval after building credit history and saving. Im looking to get into a 4plex. Got down payment saved. Currently own my home free and clear. Score at 680 and lenders tell me my income isnt high enough to get approved. Job pays $12.20 per hour 32 hours a week. Make money at self employed business (retail store) where I work with my wife as well. Business income didnt help due to reporting losses for tax purposes. Its like i hit a wall. Now how do I secure bank funds to fund deal on 4plex to get me going in apartment rentals. Really looking to get away from w2 job. Feel pointless taking in $700 at business then driving an hour to gig to make maybe $55 after taxes for an 8 hr shift. Any advice from someone who has been here before.

thanks for the reply im forwarding him any responses I get here

Im asking for my brother who is tenant. He moved into an apartment back in November 2016. Building is a 2unit he lives in the 2nd floor. Dec 19th a sink pipe burst on the 1st floor unit used by the landlord for storage and flooded that unit. The landlord then turned off the water from tge meter in the basement and my brother has been wothout water since Dec 19th. The landlord then told him that she isn't going to repair the issue so that his unit can receive water because she is letting the bank take the prooerty from her.
What option does my brother have? He paid Nov,Dec rent but not January after water still was never turn back on. What should he do because moving out in Winter is an issue for him with work. (he showers 2 doors down at mother n laws house).  I suggested he stays til weather breaks and save his money since landlord is basically letting the building foreclose and used his money to go shopping(she told him this LOL).

Im in the process of purchasing a brick 2 unit from them. You have to do the homework yourself. I went to the county assesor and found out the taxes are current and no back taxes are owed. Contacted another department to find out if there were any city violations needed to be paid and there werent any. Tommorow Im headed to county office to make sure there are no liens against the property. After that my contractor will be taking a look at the foundation and roof for me before i place any deposit. Ill return here to post exactly how things went. @Samantha Klein

Im going to be making a cash purchase for a Gary,In property owned by vmp3 dot com. Im looking for a good title company to handle the deed transaction. Looking to close between 2-28 and 3-3-17. Can some of you great BP people point me in the right direction.

@Ronald Perich What type of funding did you use to purchase two 4plex right out the door?  

Ronald Perich Investor from Granite City, Illinois

@Ronald Perich

 I own my home free and clear over in NWI. Ive only owned it 9months and have been living in it while updating and repairing things. I would like to CashOut and refinance or get an equity loan so that I can purchase a 2 Flat from a friend thats about 5min drive from current home. Ive called 2 banks but both suggest I wait til credit score is mid 600s. I dont want to miss the chance at buying the 2flat. Can someone point me in the direction of a lender that wont require me to wait til score is higher.

Im afraid of hard money with me being a new investor.

Im looking to find an approximate price on switching to forced air heating from old boiler/raditor heating.  3-4 pipes leading to raditors from boiler are cracked from freezing during vacancy 2winters. Should I just replace busted pipes and try firing up boiler? Or should I cut all of it out and ha e furnace installed with duct work?  What could this cost me? Winter is coming soon.

Im currently house hacking a home near Indiana University that sits on 3 lots (paid cash). Im looking to get an FHA loan with 3.5 down on a 4plex in Chicago or NWI but my credit score is only in the upper 400s at the moment.

My brother asked to partner with me on a future deal after seeing me stop renting and become a home owner in 5 months. He is a Semi Truck Driver with steady income. Im a small business owner with less than 2 years of tax returns to show income. 

My question is how can I go about using my brother's credit score & proof of steady income to get us into the 4unit and me not be Exed out of the equation all together with me being the person that is actually getting into realestate investing.

Anyone got some info or story on how they've strutred this type of situation?