All Forum Posts by: Jerrell Slay

Thanks tom great info!, Im currently waiting on the agent to get back with me with that information. So the 50% rule is that the total amount of rent collected should equal double the mortgage?

I was also thinking if I had a lender to finance the whole deal I thought I may b able to use some of the cash flow to clean my credit up then refinance the property and pay the lender back to. and pay the lender back and have a traditional mortgage. Again I am a newbie trying to get my foot in the door, thinking of creative ways as I've read on the site how creative people have been to get their foot in the door or even how they got started my ultimate goal is to own an apartment complex of about 10 units.

thanks guys!! For the helpful information, my credit score is around a 540 - 580 as of last year.  I am a dreamer so I don't know if theses numbers are feasible but the building cost 250,000 which its a fourplex, I used an amortized calculator and the figures came out to be 1,900 monthly payment with an interest rate at 6.5 ( traditional rates around 3-4 % if I'm not mistaking) over a course of 20 years with a total of around 200,000 in interest. I added 3-4 % considering if I got a lender or if the person who owns the complex considered creative financing. Am I in left field or does this sound some what doable? Thanks again for all the input

o OK thanks!! Is it possible that one would do owner financing for such a big purchase, and I have really bad credit, I'm trying to figure out how I can get into something like a fourplex or a small apartment complex, that's my big goal.

hi everyone, today I seen a fourplex for sale for 250,000 dollars. I'm wondering what is the best way to obtain financing when you have bad credit. I've heard a lot about using other peoples money but how does that work do you find the place of interest get it under contract and then take it to a hard money blender or private  lender or is there another creative way of doing this, the owner said the property is currently rented so I'm thinking it will pay for it self, its just a waiting game. Any thoughts?? Or am I completely off

i believe my people skill are pretty good, I've been complimented on my people skills a lot. As of now I'm trying to build my rapport with the owner, those are great questions to ask him.

thanks! Andreas, very good point I didn't think of it that way!!

thanks for the great advice !

thanks for reply and more for the advice

The 900 is total, the 3rd property is currently vacant which he says he rents for 500 totalling 1430 for all three properties