Services Borrower Did Not Shop For $ 620 $ 735 $ 744 $ 643 Appraisal Fee $ 460 $ 550 $ 640 $ 450 Appraisal Mgmt Fee $ - $ - $ - $ 140 Final Inspection Fee $ - $ - $ - $ 100 Secondary Final Inspection $ - $ - $ - $ 150 Flood Certification $ 25 $ 12 $ 7 $ 7 Credit Report Fee $ 40 $ 63 $ 22 $ 22 Tax Service Fee $ 95 $ 110 $ 75 $ 75 Verification of Employment $ - $ - $ - $ 20 Verification of Employment Lender Credit $ - $ - $ - $ (20) Additional Lender Credit $ - $ - $ - $ (300) C.

Is it identical I  don't know since it is not a structure I am familiar with.    

Since the landlord is not collecting the SSN it reduces the paperwork and long approval process typically required to initiate a credit inquiry on a consumer.Additionally, SmartMove verifies the applicant’s identity by requiring them to enter their SSN into the SmartMove system and answer a series of personally identifying questions.

However, I realized that the identical building next door was paying $13,000 per year.

I  agree with your point on viewing a property first hand, I think I'm just in the stages of trying to identity towns and areas that work with my price range and needs.

I’ve put 100’s if not 1000’s of hours in educating myself in both the market and REI.If both took equal effort and had identical returns I would choose the stock market, I find it more intellectually stimulating (when investing in single stocks) and I don’t have to deal with people, tire kickers can be exhausting!

We have an almost identical approach!

@Nathan Boyer Sounds almost identical to my situation!

If you wanted to pay an identical amount of principal each month and achieve a 30 year payoff that way, you could (again) mathematically determine a function for that....but then your payment amount would change every month and would initially be alot greater, though at the end would be much smaller.Here is a graph and tables of the two payments...hopefully it helps.

Similarly, unlike substituting international reports for FICO or using 'Non-Traditional Credit Reports' (NTCR) it's highly unlikely that any bank would consider ATO tax records for a conventional loan, given both that it's another country and the job/business has since been left in order to migrate. c) If possible after one year, refinance to a more generic loan in order to buy a new FHA fourplex using whatever savings have been gained in the preceding months through cash-flow and W-2 income.PROS:*Highest leverage of all paths available;*Largest safety net of cash-in-bank, and;*Increased turnaround for new projects.CONS:*Employment verification, credit history, and IRS records non-existent - multiple positive judgement calls from lender needed;*Delays before scaling allows full-time REI;*Maximum limits to property units and value - 4 units and ~$809,000 for a fourplex (2.v)2.i - List of some Maine lenders, with whether they offer FHA (https://mainehousing.org/progr...)2.ii - Information regarding how to get a no-credit-score mortgage (https://www.lendingtree.com/ho...)2.iii - FHA loan without a credit history (https://www.fha.com/fha_articl...)2.iv - FHA loan requirements + No income minimums (https://time.com/nextadvisor/m...)2.v - FHA loan value limits by unit size for Maine (https://www.lendingtree.com/ho...)3 - A quick start at a moderate scale (DSCR or private) This is my current focus of research as at 25/06/22 and any contributions, suggestions, critiques, or references are worth their weight in gold to me.a) Find ten wholesalers who are focused on or who happen to find Maine multi-families, with a view of analyzing each <16 unit building that gets mailed to me. (2/10)b) Find twenty lenders operating nation wide or in Maine who offer Debt Service Coverage Ratio (DSCR) loans or private money. (3/20)c) Purchase one <16 unit multifamily with whichever available credit type is most appropriate (3.i) - either moving to the address on closing or renting something cheap in-town depending on whether or not the lender allows owner occupation.d) Move to full-time REI, or part time if cash flow does not support growth.e) Exit plan would depend on cash flow, regional trends, and the characteristics of the loan and future financial market and cannot yet be assessed properly.