My name is Chris Cook I'm 29 years old from New Orleans and I'm new to bigger pockets.

Hows it going bigger pocketers ?

I paid $7800 of their closing costs and they came out of pocket for $1500.

At 65% occupancy, with 10% down ($65,000 owner financed at closing - no cash out of pocket), and 90% mortgaged through SBA and bank ($585,000), $7,800/taxes, and $5,000 in misc. expenses/annually.

Unfortunately my b.p. has a nice income but terrible credit, and I have no proof of income but a 720 credit score, so we have decided on using HML, and possibly having to pay reno costs out of our own pocket, while we deal with that.

So happy to have found Bigger Pockets a few days ago.

Welcome @Scott Demots to Bigger Pockets!

Just people helping people to have "bigger pockets"!

If the loan terms work out, this could still be a great investment, but be leary.Hard Money - you've got to find a fixer upper for this to work out, otherwise you'll end up paying 10-20% interest for a year and then having to come out of pocket to refinance at the end of the term unless there has been some serious (usually forced) appreciation.Another possibility, which I can't much comment on would be a master lease with an option to buy.

More money in your pocket!