All Forum Posts by: Melody Stevens

Thank you all ... I am going to keep looking for owner financing and/or land contract. 

Help!!!

I am trying to get a mortgage.. $85k max.. originally for investment purposes but circumstances have changed due to a death in the family.

I've tried credit unions, local banks, big banks... no one will approve me without a $60k downpayment due to student loan amounts vs income (debt to income to high). My loans are in deferment until the government decides if they will be forgiven due to school closure. It's been 4 years now with no telling when a decision will be made.

What do I do? I dont want to rent. I want to buy so I can put equity into the house and use for investment later down the road. I have $5k for a down payment, please dont laugh to hard... need some advice.

@Benjamin Piecenski Once I get the income based payment plan in place how long do you suggest i wait before reapply for a mortgage? I literally applied for a preapproval yesterday and my credit score already shows it.

@Chris Mason I totally agree. I've been waiting 4 years on the government to decide what they're going to do while gaining interest the entire time.

@Benjamin Piecenski My Great Lakes. If what you are saying is true this is fabulous news!

@Benjamin Piecenski I was going to do that but was told if I take my loans out of deferment I wouldn't be able to put them back into deferment if the payments became to high and have not yet been forgiven by the government.

Hello All!!

I need some direction.

I have tried applying for different types of mortgages so that I can purchase my first rental property. Due to the amount of student loan debt I have and it being in deferment because i am waiting to see if most of it will be forgiven due to my school closing, my debt to income ratio is too high so no bank will approve me.

I have experience in property management, accounting, and building but nothing that I feel I can use to go to a private investor with as proof of experience.

What would you recommend my next step be in finding financing? Land contracts are rare in Michigan these days so that doesn't seem to be an option. I have $4k I could put down as a down payment and have my eyes set on a few single family properties that are in the $100k range. Realistically I'd like my first purchase be a multifamily but those are $150k to $250k with not having a reasonable down payment to match those amounts I dont feel it would be realistic to go for something in that price range.

All advice is welcomed! I feel like I've hit a brick wall, not sure which direction to go.

I have two properties I am looking to purchase near Brighton, Michigan. Both have one bed, one bath and a two bed two bath apartments in them. Both owned by the same person who is willing to do a land contract deal. One home has had the same tenants for 7+ years, while the other is vacant due to needing repairs and C of O. The current owner has told me he is selling the homes because he wants to move to Canada and has no interest in being a landlord any longer. The owner is asking $150k for each house. From the chicken scratch financial records I have saw the rented house averages 17k a year income with 10k expenses. While the current vacant house rented for an average of 16k a year with expenses being around 9k. This does not include any major repairs. My Fiance and I are having a hard time deciding if the investment is worth it. What is your opinion? What do you think would make the investment worth it? What would be your deal breakers? I am open to all opinions and suggestions. I want to purchase but convincing my Fiance seems to be a challenge.