I am looking at a duplex. asking price $71k
Property values are still rising in this town.
great demand for rentals, also growing
currently vacant , great rental history
solid updated building.
My problem is:
my credit score is ugly right now. mid 600s
due to late pays
my income is disability and rents for a total of 1345/mo
I havent filed taxes recently.
SO. non conforming lender, you might even say… sub prime (shhhh)
I currently own one duplex. with maybe 10k equity. I have some credit available.
Can anyone help me start thinking of a way to do this?
I know it isnt a 2% property but I think it will work. open to oppinions there too.
( I fell from a ladder 6 days before closing on a rehab a while back. surgery etc took all the profit and made for several rough months $$ wise., hence the bad score.Also, DYI rehabs are out of the picture now. I would very much like to get just a few more rental properties but am now starting from scratch.)