All Forum Posts by: Edward Ray

Is 720 the new standard?

Hi fellow Bp'ers,

In a few months I will have my first property rehabbed and possibly rented out.I own the property free and clear.I want to do a cash-out refi after I have an appriasal. My FICO score is 684,But everyone is telling me to try to get my score to 720 before I try to apply for anything.I've never ever been denied for any type of credit I've applied for. My last loan was in 2010 for 13k.Is this good advice?

I would lightly sand,apply some wood conditioner and stain then add poly, they will look awesome.I did my home and had the same problem.Ask for it at Home Depot.

Also I forgot to mention.This property came with an adjacent vacant lot.A builder could come and want to build a house at anytime.They are plugging up the holes in vacant lots with new homes where I live.The work will be all legit permits,cert.contractors,etc house+Lot =8k

My neighbor ownes 8 duplexes.He's mentoring me through the whole process.Arranged his general contractor to do the work at a "BIG" discount.I will doing some of the work also to gain experience in rehabbing.

This property is across the street from my primary home a 3/2 smaller duplex.I'm in the midtown area where all around me are are 139-169k newer homes.The area is comming back up because people want to be close to downtown.All home owners on the block own 2 or more properties.With me joining the multiowner club, our piece of neighborhood has almost no problems because the landlords can watch the tenants 24/7.

I have one of these properties.3/3 duplex paid 8k going to do a 60% gut at about 35k.Rents about 625-650.People are paying 675-700 for "dumps" where I live. My building will be way better than those when I'm done.

Thank you I will take that advice well.

The positive cash flow I want to invest into another property.I'm new to this.I would like to own at least 10 properties I just need advice on handling the money for maintenance,reinvestment in to the bussiness,and tax purposes.

Im in the 53205 zip code.Paying $120 now will shop around in a few months water is an estimate.My primary home is a duplex also but smaller across the street for this one so i was estimating on the water.Iwant to keep cash reserves and also have a little income.