My current monthly mortgage is approx. 1500.00.Of course if I borrow anywhere from  100 to 150K, I will likely add about 300.00 to 400.00 to my current mortgage (1800 - 1900, according to my existing lender). 

This formula is used most frequently in a commercial property (5+ units) because often times the loan is a non-recourse loan ($1mm+) so the lender has to rely on the property to support itself since the lender can't look at the borrower as a qualifyer.However, if you are talking about SFR or a 1-4 unit property, you can obtain a conventional loan. 

So much knowledge and assistance here.Good luck acquiring your first property soon!

Currently Seeking:Mentors and advisors I can assist by providing admin or legwork support to free up their time.

Assuming no major issues with you as a borrower or title.PM if you need assistance.

Conventional or government assisted?

Sources of cash include:1) Personal funds2) HELOCs / HELs (not personally a fan of borrowing, but some folks are)3) Hard money lenders4) Relatives / friends / partners with cash on hand or easily obtained (retirement accounts, CDs, savings, etc)The reason a wholesaler wants cash, as others have noted, is most wholesalers lock up a property and promise to close within 30 days. 

Hi I recently came across some local programs in the Chicago area (Chicago Home Assistance Program) that offers a grant for up to 7% of the loan value so I was just curious to know if anyone has used any government sponsored programs like this to buy an investment property.If anyone has any experience with this I’d love to hear about it.

I am in the Dayton and Kansas City markets if you need assistance in those areas!

If you buy the 3 fam your rental income would be probably around 6,900 and assuming you're borrowing the same amount of money as you currently have on your mortgage then your monthly payment should still stay around 2000.