All Forum Posts by: Jon Joseph

thanks for the feedback....

At this point I don't know all the expenses, I need to look into it more, was just curious it wasn't a terrible idea off the bat before I invested more time looking into it. One thing I have is reserves, I had been working 2 jobs and quit one recently, that's why my income isn't that high but have a lot of reserves.

Again I appreciate any feedback

Dayton, yes all current tenants leased. Earliest lease is up in a few months. Haven't looked into any other financing yet. I'm not sure if I can get traditional financing with my not huge income and I already have 2 mortgages 

I am interested in an owner financed deal. The property is a 5-plex in Ohio. For sale for 60,000 with rents of roughly 1,400 a month. Owner willing to finance for 5 years with 25% down. So with the payment to the owner roughly at 1,050 a month. And my other expenses, I would be in the red monthly. The way I look at it is, with my job I can support being in the red monthly, and paying off the owner in 5 years, after that I will be netting a lot every month. Is it worth the 5 years of $0 or red monthly for the the quick payoff in your opinion?

Kirk,

Yeah it is a debt to income problem. I have no other debt but my income isn't too high at this point. What do you mean by get creative?

I now own two single family properties. The second is my primary residence. The first I'm renting at 700 with my mortgage at 555. Both were purchased at 70,000. My goal is to eventually not need w2 income to sustain my way of life. As of now that's years away and would like some help to continue acquiring properties as I don't think I'm able to get any more loans at this point