All Forum Posts by: Michael Blizniak

Hey so I’m a relatively new member to he forums I have posted here and there, so I turn 21 in exactly a week and I’m officially under contract and committed to a mortgage on my first rental! The house is a 2 family 3 bed 1 bath each. And I was fortunate enough to put down just over 25%. Purchase price is 330k. All said and done my Mortgage payment will be $2,110 a month and my total rent roll is $3,250 however I am responsible for water, place came fully occupied with long term tenants. I would appreciate opinions and feedback greatly and I wanted his for a long time and done my research but always appreciate Feedback from the seasoned investors

Yes, that is absolutely my plan

also should mention, I'm looking to use the rental income to qualify for the loan 

ok wow, I am currently in this exact situation, crazy how I see this post as this happened to me. Since I was 17 I would rave about how I'm going to one day own multifamily properties, I'm currently 20 living at home making 40k a year and saving, i just recently and un expectedly came into a settlement and after everything I should be looking at 150k cash. Multifamily is the route I want to go 100% will I qualify for a investment property loan? Like I said I have 150k cash looking to put 25% down have a credit score of 740+  and while I personally don't own and manage any multifamily my mother a And father do own several units I'm 100% a partner of manageing and repairing when's needed, will thins help me qualify? Will the liquid cash itslef be enough?

Hello BP I've been interested in real estate investing for quite some time, my initial story and idea is in my first post, however things have changed for the better and I believe it's expediting my ambitions significantly, I recently came into roughly 150k cash from a settlement. Long story short is I want to buy a multi family home 4 family would be ideal but a duplex will be sufficient if I can find the right deal, for my first property in NJ I would love to see 1k a month positive cash flow, I am looking to take a investment property loan and put down 25% and upon research I'm seeing hat I need 2 years property management experience in order to use rental income to qualify, while I don't personally own any investment properties both my mother and father own several units which I am 100% a part of helping manage and repair when needed. Will this help me be eligible to use rental income to qualify as loan. I'm 20 years old 740+ credit score and a base income of 37k annually(over 40k with OT) working at same company for a 13 months now I'm not sure where to begin and what my options are. Sorry for this being all over the place but I'm just trying to get my thoughts and concerns out, any feedback is extraordinarily appreciated beyond words

Hello BP I've been interested in real estate investing for quite some time, my initial story and idea is in my first post, however things have changed for the better and I believe it's expediting my ambitions significantly, I recently came into roughly 150k cash from a settlement. Long story short is I want to buy a multi family home 4 family would be ideal but a duplex will be sufficient if I can find the right deal, for my first property in NJ I would love to see 1k a month positive cash flow, I am looking to take a investment property loan and put down 25% and upon research I'm seeing hat I need 2 years property management experience in order to use rental income to qualify, while I don't personally own any investment properties both my mother and father own several units which I am 100% a part of helping manage and repair when needed. Will this help me be eligible to use rental income to qualify as loan. I'm 20 years old 740+ credit score and a base income of 37k annually(over 40k with OT) working at same company for a 13 months now I'm not sure where to begin and what my options are. Sorry for this being all over the place but I'm just trying to get my thoughts and concerns out, any feedback is extraordinarily appreciated beyond words

Ok so I have posted on he formulas before, however some quick background info. I'm 20 years old working full time and have a decent income, for my age at least. I been around rental properties my whole life(parents and family owned some) and I'm itching to get started. I'm at the point where I can start looking and potentially make offers and close on a house I'm just stuck. I will most likely be going the Fha loan route as I want to do this on my own as much as possible. My questions are.. at what point do I sit down with a lender and discuss the loan because I am banking on rental income of a particular multi family rental property to help me qualify for the home, do I go seek a lender once I have the house in mind (which I do) or before? I'm driving myself crazy trying to figure that out.

Ok so I have posted on he formulas before, however some quick background info. I'm 20 years old working full time and have a decent income, for my age at least. I been around rental properties my whole life(parents and family owned some) and I'm itching to get started. I'm at the point where I can start looking and potentially make offers and close on a house I'm just stuck. I will most likely be going the Fha loan route as I want to do this on my own as much as possible. My questions are.. at what point do I sit down with a lender and discuss the loan because I am banking on rental income of a particular multi family rental property to help me qualify for the home, do I go seek a lender once I have the house in mind (which I do) or before? I'm driving myself crazy trying to figure that out.

Ok so I have posted on he formulas before, however some quick background info. I'm 20 years old working full time and have a decent income, for my age at least. I been around rental properties my whole life(parents and family owned some) and I'm itching to get started. I'm at the point where I can start looking and potentially make offers and close on a house I'm just stuck. I will most likely be going the Fha loan route as I want to do this on my own as much as possible. My questions are.. at what point do I sit down with a lender and discuss the loan because I am banking on rental income of a particular multi family rental property to help me qualify for the home, do I go seek a lender once I have the house in mind (which I do) or before? I'm driving myself crazy trying to figure that out

John Mathewson Thank you for the input it's much appreciated, I have 2 years of credit history and it's in good standing with no current debt.(I pay my credit cards off in full) score in the mid 700s. Granted I know 2 years credit history with just credit cards is not super significant, however based on that in your opinion/experience will i still need a co signer? I don't believe my parents will be against it but I was under the impression that since I'll have rental income backing me up to almost "guarantee" mortgage will be paid it won't be much of an issue. Eager to hear your feedback thank you.