I’ve a property in WV and it is financed through suntrust. 3 yrs ago I reached out to Suntrust bank to open HELOC and was told they wouldn’t do it.

Much like yourself starting off my business in real estate 9 yrs ago I was looking to build my power team! 

It was a hoarder house, and has been vacant for 10 yrs. 

If you had the following property:1 - Buy = $200l2 - DP = 20% = $40k3 - Loan = $160k4 - Pmt at 4.5%/30 yrs = $811/m5 - Pmt at 5.5%/30 yrs = $908/m6 - CF at 4.5% = $499/m7 - CF at 5.5% = $402/m...would the impact of the higher interest rate change you decision to buy or not buy this property? 

I would like conventional loan 30 yrs @ 5%.

In 8.3 yrs you have $650 x 2 coming in, no debt service.

Owner pays gas & water = $7000/yr, tax 1740/yr, ins 1740/yr, building exterior needs paint/siding, roof couple yrs old, furnace (gas/hot water) is couple yrs old, not sure of hot water heaters,  all apts are good as is except for 1 it needs major clean/repair. 

My goal is to derive sufficient income from doing real estate deals so that eventually, I wont have to worry about losing my day job and be able to retire comfortably in the later years.My question as a newbie is about my particular situation and plan: I am 41 yrs with a low six-figure income and I have excellent credit.

Self-employed ppl need to report all income on taxes (underwriter asks for two yrs taxes minimum), deposit into bank (they want to see bank statements).

My criteria for that list was owner occupied, over 60 yrs of age, owned the home for 20+ yrs, and was in the north wilmington zip codes.