Hi,I just got under contract on a 4 family house in NJ using an FHA loan.

Owner occupied 5% down conventional loan.

My one concern so far with their application, though, is their combined credit card debt, which is four times that of the average US household, and twice as high as the average for their income bracket (they also have student debt and an auto loan).

Understanding How Real Property Works I am not making the argument to do anything unsafe or that you need to do all of the work on your properties yourself but I believe that understanding how real property works will save you from being ripped off, allow you to prioritize repairs more effectively, and get you out of tough situations by providing you with solutions to problems.Why Basic Home Maintenance Skills MatterCost Savings: Knowing how to do some basic things yourself can save thousands of dollars.

I had a similar situation which I rectified by putting in a concrete patio with a partial privacy fence. 

Take a policy loan against the cash value (5-6% current loan rates) in advance of the auction so cash is on-hand, purchase real estate, execute business plan on home, repay policy loan, and repeat. 

Question: We have two CALIF. condos (PGA West La Quinta & Lake Arrowhead), each earning $30K ann. as STR’s, w/3% loans, our son pays for one condo.

Most have loans at half of today’s rates.  

I am a loan officer and I have some great software and calculators for this stuff, so let’s set up a call sometime and we can discuss your options.

I am in a similar situation and have been avoiding posting anything on here since I was hoping they would work things out.