I had to pay for another year up front which is supposed to be prorated and the balance returned to me once I don't need to insure the property any longer.

Of course if you had that cash you could probably pay down your quadplex balance and then refinance it allow you to FHA your new place.

A bigger hit to your score might come from % of outstanding balance to available credit.No one knows the exact ratio that gives the highest score.

If this is your only rental, consider buying another one that cash flows to help balance things out.

There is a past due balance;2.

In the economic climate we are in there are way to many parts of the country where you would never get a proper value of your asset in line with construction costs.

I don't see seasoned investors buying these types of properties for the most part.So then in my mind these newer investors are buying properties that have minimal returns because they do not have the experience to properly analyze a purchase price.If you are buying TURN KEY you are paying for it.If you want some easy don't expect to get rich off of it.These new investors in my opinion would be better off handing the money over to a seasoned investor who will purchase properly and give them the returns wanted WITHOUT the headache of land lording or overpaying.Again I have never used a turn key company.I just know based on many accounts of others buying through them that many times it does not work in their favor.I have yet to see an independant third party that bought post everywhere that they are cash flowing great and would use turn key again.Instead it's nightmare after nightmare.If I have to deal with a properties nightmares I will do the work and reap ALL the forced equity I wring out of it.Not overpay for lipstick and then be fixing problem after problem.Before you buy in that area go to the eviction court and see how many cases are processing a month?

Some add a laundry room for additional income, but I have found the income versus the utility outlay does not always balance out.

I found a triplex offered for sale, and have some info, and I am sure I need more info to properly evaluate this investment.

Are the proof of funds letters from hard money or transactional lender funds working now, or are they asking for an actual bank statement from your bank showing a bank balance?