All Forum Posts by: Melissa Casey

Quote from @Herson Martinez:

Quote from @Melissa Casey:

I've had my property for around 7 years and am looking to buy a few more multifamily properties in my area. I will need to use some creative financing or lender as my credit score is low (620) and my current house has about $250,000 of equity in it which the banks won't lend as I have a $45,000 lien on my house due to my city repair program that I enrolled in to help me with some of the repairs to the house and also because my credit score is so low. I'm trying to get my daughter into a house as well as she is 21 and has good credit but is a full-time student so her income is not on point just yet. She does work but will not graduate until 2025. Just trying to learn everything possible and grow a portfolio.

 Hey Melissa, 

I am local to your area, I am a real estate agent here in Rhode Island, & I have the resources to connect you with experts on my team who can offer creative financing solutions that align with your unique circumstances, including the lien on your property and your current credit score.

I would love for us to meet in person and go over the options that you have. Please feel free to reach out at your convenience, and we can start exploring the best path forward for you and your daughter.

Looking forward to working together to grow your real estate portfolio and fulfill your family's housing needs.

@Herson Martinez,
I would love to connect and discuss my options along with my daughter. When and where is good for you? I have a pretty flexible schedule so let me know and thanks for reaching out. I've been a member of the forum since last April but have been stuck on analysis paralysis and it's a new year and time to make some changes in my life. I'm not sure if I'm responding correctly to your post so if not, please bear with me as I can be technically challenged at times! Anyway, I'm reading Ashley Kehr's Real-estate Rookie, so I'm doing my homework and reaching out to like-minded folks! Hope to hear from you soon!

I've had my property for around 7 years and am looking to buy a few more multifamily properties in my area. I will need to use some creative financing or lender as my credit score is low (620) and my current house has about $250,000 of equity in it which the banks won't lend as I have a $45,000 lien on my house due to my city repair program that I enrolled in to help me with some of the repairs to the house and also because my credit score is so low. I'm trying to get my daughter into a house as well as she is 21 and has good credit but is a full-time student so her income is not on point just yet. She does work but will not graduate until 2025. Just trying to learn everything possible and grow a portfolio.

Investment Info:

Small multi-family (2-4 units) buy & hold investment in Patton.

Purchase price: $135,000
Cash invested: $25,000

I currently live in 1 unit and rent out the other 2, the house pays for itself, and my value doubled since having it.

What made you interested in investing in this type of deal?

I always wanted to be a landlord, I thought it would be so easy. Boy was I wrong! I've learned so much over the last 7 years that I am ready to do it again.

How did you find this deal and how did you negotiate it?

I was working as a teller at Citizens bank and our mortgage lender would come in monthly and I asked what I need to do to buy a house and she helped me during the whole process and had a realtor she worked with that helped me find the house and negotiate the terms.

How did you finance this deal?

I did the first-time home buyer's class which helped with the downpayment and the closing costs and got a traditional FHA loan.

How did you add value to the deal?

So here is the tricky part, being a first-time home buyer by myself was a struggle and the house had old windows that needed to be replaced. There are 32 windows in the house. I had some quotes that were like another mortgage payment so after searching I found that my city had a free home repair program, and I signed up. they replaced all my windows and most doors; they also fixed my foundation that was cracked in multiple places and a porch that needed repair.

What was the outcome?

I was granted $45,000 and half of it is forgivable after 15 years (5 years per unit). So now I have a lien on my house for $22,500 as of 2030. I owe $110,000 and the house is worth $450,000 and I can't get an equity line of credit due to the lien.

Lessons learned? Challenges?

don't get roped into free programs because nothing is free!