Hello everybody! i’m new to the game and looking for good advice. Looking at a 4-plex for 59k, and a 6-plex for 52k. Rental income is $1150 and $1360 respectively. I have about 20k in the bank and earn 12k/mo. My credit isn’t good, about 580, and am working on repairing it, can expect it to be above 650 in a couple months. How would you go forward with this…if even you would. What are my options to possibly secure them now? Any info would be greatly appreciated, thank you!
Welcome to REIClub. You have found a great and free source of expert real estate advice.
But now you have to do some work, too. Please search under “50%” rule and then calculate your numbers using the rule. Give us those numbers and you will get some expert opinions from the people who do this all the time.
What’s with the credit? You’d better check on credit fixes, too. It shouldn’t be that low if you want to borrow money.
Good luck, and get back to us.