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15 April 2024 | 6 replies
I am a 16 year old planning to form an LLC under my parents name in order to qualify for business credit to cover the down payment on my first investment property I will also pair the business credit I am able to qualify for with cash and refinance to pay off the down payment when the interest starts to kick in but I am wondering if when applying for a FHA loan on an investment property if they require income to qualify or if they will accept it because I will be renting and covering the mortgage with the rent and how that all works when qualifying and if this is even possible.
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16 April 2024 | 12 replies
Knowing what you are needed an income property to do inside your portfolio will help you narrow down what initial steps make the most sense for you. 3) New construction can have rate buy downs paid for by the builder and new construction comes with a lower repair and cap ex cost the first 10 years (usually). $450k is a big number when only $2500 in rent is coming in the door.
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15 April 2024 | 35 replies
This is the easiest method if you have a strong income or a high savings rate.
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16 April 2024 | 12 replies
I would use the rental income to hire a maid service to do weekly cleaning for me.
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15 April 2024 | 5 replies
This type of financing is popular with investors because it doesn't require any income verification.
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15 April 2024 | 9 replies
Once income and expenses are categorized, there's a lot of reports you can generate like the cash flow statement for each property.
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16 April 2024 | 11 replies
In these cities, your financial resources will go a long way enabling you to assemble a diverse multifamily portfolio and initiate a steady stream of income.
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15 April 2024 | 4 replies
If you have trouble showing income and the property is non owner occupied, you may qualify based on DSCR
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15 April 2024 | 33 replies
I owned a 12 unit apart building in a very low income area with all section 8 tenants.
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15 April 2024 | 5 replies
However, I would appreciate further clarification on what you mean by having a Plan B, C, and D.In my experience playing the BRRRR game on a smaller scale, typically with homes valued around $200,000, I have found that it can be challenging to generate significant monthly income, Instead, the focus is often on building a portfolio without having to make substantial out-of-pocket investments, which is indeed advantageous.