All Forum Posts by: Marvin Eason

Oh, I wouldn't be using the condo as an investment but my residence sorry for the confusion.

Ok, I am going to put my business out there in order to paint a clear picture in hopes of some good responses.

My situation: I would be considered a 1st time home buyer. My credit is poor (Experian:519, Equifax: 554, Trans: 565) There's a big ding on my credit that shows I owe around 7900 but is no longer true. It should be 0.00, I called and they said they would report it to the credit bureaus).

I just started my new job and would rather purchase a condo near where I work (zip code 53717) preferably 2bedrooms, 1bath. I don't have a down payment but am eligible to use my VA Home Loan because I am a veteran.

I make about $32000 a year plus 1325.00 a month from my GI bill for going to college. I will be receiving around 9600.00 by the end of this month, and would like to use that to either pay off all what's due on my credit report, and get a used car.

Or help towards purchasing a condo. But I am seriously overwhelmed, want to get started with this to take advantage of the tax credit. Any advice is well appreciated.

Thanks!

Ah maybe that's what it is then, I will be an owner occupying my first investment property.

Have you spoken with a mortgage broker? You can get properties using as little as 3% down so that's 15k not 150k...to get started.

My excuses:

I need a car, the metro doesn't reach my REI meetings and I don't know anyone who goes to the meeting who lives in my area!

I am working on getting my credit back up to par.

But I am trying to buy the house I am renting in as my first rental property, I am in charge of the house per the owner, so I am collecting rents, and we will have our final roommate (potential roommate) to check out the last room available on Apr 9th.

You are young, I was the EXACT same way, with the EXACT same thoughts 12 years ago, with the same ambition! To not deal with the 9 to 5 bs, and here I am just turning 30 this year and a lot closer to that dream, but the difference is, my mind has had time to grow, cultivate and experience more.

That within itself has shown that this 9 to 5 isn't as bad as I thought it was in my youth and that you need it to sustain you until you reach that point of leaving it.

Be patient, think outside the box and take calculated risks in your decisions over the next 10 years and these thoughts and depression will seem like child's play compared to the happiness you will reap from doing so.

Noted, thanks! I am currently tackling my credit, I understand that is a must to have in this business. Less than 5k to go!

Sigh, I had a few glasses of wine before posting the OP, so I apologize if it weren't clear. I am currently renting from the lady who has to move out, she isn't the owner like I had assumed. She kept the Feb rent she collected from us and didn't pay the owner.

So he is evicting her, long story short, I will now be acting in her place, dealing with the tenants and reporting to the owner of the house. He stated I am allow to move people in after I screen them and charge them whatever for rent. The total he needs each month from me is 1800, I have 2 rooms rented out for 600 each, so once I get the 3rd person, I'll be able to live rent free and he's fine with that.

That is what got me into thinking about becoming a landlord rather than wholesaling, I do understand I'll need to keep my job, but I've obviously never bought a house before and thought it would be a great idea to keep my currrent situation going. Only I purchase his house from him, keep the tenants I have and live in the bottom portion of the house while it gets paid off, and I build equity, and work toward quitting my job I guess?

He is doing a short sale so that is why I am confused as how to approach the matter. But it's a great situation, one tenant is a friend and coworker so I know she has the income to rent from me, and the other always pays his rent on him and is NEVER home, he's the perfect roommate. He works so much he only comes in to sleep and heads back out the next day.

I don't want to give this up lol!

To be my own boss!!! But seriously, I need advice to make this happen, at first I was all about wholesaling, but I realized as I learn more on here the more I want to be a landlord and buy and hold homes to build my net worth.

Now, I can't figure for the life of me how to approach this with my situation. I am currently taking the steps to pay down all the debt on my credit report, it was at 12k and it is down to only 4900 now :mrgreen: that's left.

But, I am living in a home where I will be the "landlord" on 3/31, I have two tenants already, I just had someone move in, with whom I work with. And once the room I live in becomes available (after the old landlord moves out) I will be taking the master bedroom downstairs.

As it stand this house is up for a short sale, and I have very little cash on me (like close to none) because I've been aggressively applying it all to paying down my debts to increase my score.

So what should I do??? I am eligible for a VA loan and was thinking that could secure this house as my first investment property, but it's not all piecing together in my mind!

HELP!

If anyone has any information regarding this market, please post here!

I am looking on information regarding how the rental properties are doing in this area.

Thanks!

Marv