Here is the KILLER DEAL!!
up 1BD/down 2BD duplex
Purchase Price $20,000 IS NOW $15,200
Gross Rent $875
Loan payment -$120 GOING DOWN!!
Insurance -$ 50
Up gas credit -$ 75
Maint reserve -$ 50
20% vac reserve -$175
Net Income +$290 x 12 = $3480 annual GOING UP!!
DP an Closing costs(GOING DOWN) $7,000 = 49% ROI (GOING UP)
Does not yet include Phantom INCOME!!!!!!
The best part is that I do not have great credit. I pulled my score and report from Transunion on 9/14 and had a score of 585. My loan officer pulled my report and score today and had a score of 635 and a discrepency that needed to be verified on his that was accurate on mine.
Look for small banks with in house loans and meet with a loan officer tell them all of your red flags and see if you will be denied or approved. I was told today that someone with a 750 score and no idea of what investing real estate takes and wants to buy a rental property will be denied. Someone that has a 600 (or lower like me) would be approved to purchase a rental if they have shown that they have done their due dilligence, built a power team, and speak some of the language of a bank.
PAY YOUR DUES!!!! Keep learning all that you can! Ask queastions and LISTEN to the answers.
Quad City Real Estate Investors Association
Here is the proof of getting a loan to buy a deal with a 585 Credit Score.
Look me up on Facebook, put in a message when Friend Requesting or be denied. http://www.facebook.com/people/James-Greer/100000908311950