Def looking for a stable asset.

Unfortunately, self-employment is not looked upon favorably by lenders as it is not considered stable income without at least one full year of evidence to the contrary.

Assuming it is a stable run-of-the-mill business, you can start by figuring 16X annual profit.

Scenario 1       Second I am looking at an owner financing complete rehab it needs a gut job, I am not a contractor it seems like a lot of work so I am focusing on a stable asset.   

We saved up a few thousand, my husband continued to work because a stable w-2 is handy for buying.

These areas are stable and have an upside potential.    

If I were to do this with a 5-7 unit and say the property is stable enough.

I think out of all those arees Elizabeth is the most stable of those 3.

A lot of times these are tired older land lords that want a stable income and they don’t have to manage their investment anymore while still getting a monthly check but it takes zero effort.I’ve gotten into properties with a 20-25% note from seller and bank financing the rest, but you need to keep in mind that you need to have an exit strategy when the agreed upon balloon comes due, but I’ve had sellers agree to a ten year balloon as well.

As markets continue to rise around me I have finally made the leap to look into Cleveland as it fits my criteria (I'm a cashflow person (appreciation is a plus but not a necessity) and conservative when it comes to what i'm looking for properties in C+ and above working class areas where vacancy rates are not high, tenants are stable, and listing price is no more than 80k (cashflowing around 200-300 after all expenses would be a sweet spot).