I have no credit yet, how much credit do i need for a 100k mortgage for a duplex.
Depends. Are you going to live in it?
nope just an investment, also is it a good idea to put a big down payment down if its my first deal and i dont want to go into negative cash flow and im going to sell a year later?
If you currently don’t own a home it is a wise idea to make your first investment a place for you to live. Not only is it much easier to get a mortgage being a first time homebuyer than an investor it will allow the money you are putting out for housing to go towards equity, not rent in someone else’s pocket. Buy a duplex, live in one side.
what if i have 200k in the bank to back me?
How is it possible to amass $200k and not have one bit of credit? Or do you have bad credit? Are you the type that lives on cash only and never uses any credit?
me and my friend have the money through agriculture, now how much credit would i need i have no credit and no bad credit?
Big downpayments can definitely put creditors at ease, you will certainly have a lot less trouble than someone with no money down. Have you thought about getting a credit card to build some credit? Maybe put all of your gas and meals on it, pay it at the end of the month on time and in full. That in addition to a mortgage or two will quickly build some good credit.
ok thanks, after i learn the in’s and out’s of real estate investing with tenants i want to sell the duplex and buy a 8-12 unit apartment building. Would it be hard to get a loan of 700-800k after one year?
Is wholesaling a good strategy to learn?
Every farmer I know is starving or nearly starving. What exactly are you growing that allowed you to build up that much money?
Oh now come on even I got that one Rich :shocked :anon
yah…man :banana
lol was a joke
after i learn the in’s and out’s of real estate investing with tenants i want to sell the duplex and buy a 8-12 unit apartment building. Would it be hard to get a loan of 700-800k after one year?
Is wholesaling a good strategy to learn?
Over 4 units is commerical and generally 20% down is needed plus reserves. If you hold back some of your cash you should be ok.
yeah i dont have much expenses so all the money that comes in from the duplex will be all saved plus what i get when i sell it.
lol was a joke
Boy am I glad to hear that! I called the DEA emergency hotline to make a report and it said that the current hold time, due to political cutbacks, was 48 hours!
:brow
lol
Is wholesaling a good strategy to learn?
Dude before you even think about purchasing a property you have got to learn the basics of REI. You need to learn how to accurately calculate cash flow, you need to learn your market, and you need to know how the business works.
You can’t just buy a property at retail and expect for it to cash flow. Read the forums everyday, and read some good real estate books.
Also, I would start with SFHs as they offer better tenants and it will defiantly help you get the feel of being a land lord.
Adam