I ended up using an fha 203k loan to fix this duplex with a potential huge basement to make it a triplex.

You need enough time to earn healthy returns, but not so much that your kids graduate before the sale.Considering market cycles, five years is a modest stint in which to invest, make improvements, allow appreciation, and exit before it’s time to remodel again.A five-year projected hold provides a buffer between the estimated sale and the typical seven- to ten-year commercial loan term.

Hello,So, we put this property under contract with a wholesaler, after a month, the contract expire today, and we can not close this deal, because the sellers have been unresponsive to the wholesaler. the wholesaler asked me if I wanted to extend the contract, but these guys trying to contact the sellers for the last two weeks now, and no response.What do you think we should do in this situation?

Thank you for your response, My current income is about 75,000 a year, My credit card debt total is approx 40,000.00 which consists of 2 car payments and medical expenses. about 6000.00 of it is money I loaned or I guess gave to family and friends, Not to mention the cash I have loaned or given away, I am going to stop being a leech and start to put my needs first, I will get there eventuality!!!

But by only reducing $120 monthly, I would be adding about 150 months to the loan term.A 6.5% would only make a small increase of lowering payment by $220.

To get helpful advice and support, connect with lenders, contractors, property managers, investors, real estate agents, and other experts.Options for financing include private loans, partnerships, FHA, VA, and conventional mortgages.

How do you increase the loan amount from 320k to 382k? 

@Oliver Martinez you could have used the "@name" format to include everyone you wanted to reach out to on a single response, instead of entering 6 copies of the same message:)Unless you plan to live in the property (owner-occupied) you will typically need at least 20-25% down to get a mortgage - unless you find a private investor to fund your acquisition.Also, as you've found, most of these lenders have minimum loan amounts of $75k-$100k.Unless you are a VERY experienced investor, we don't recommend buying rentals in the City of Detroit under $80k.

Keep in mind if you need to use two jobs to qualify for a conventional loan, the borrower will need to demonstrate two years of holding those two jobs simultaneously. 

I’m using my VA loan to help finance my next deal and once I sell the home I live in now I’ll have a good amount of capital to rehab the next property If I wanted to along with my W-2 job.