I am planning on becoming an investor. I would like to start out with a duplex or triplex that is in a bit of disrepair (needs new paint job, carpet, etc...). Also I am able to obtain contracts from the local hospital in town to house temporary workers that pay far over the average renting costs for locals (will also make be reliable with payments and more responsible in terms of property damage than renting to locals. )What organization would I go through to get a stated income or no doc loan?
The Mold should be the only worry as it can be very costly. You must have a professional evaluationand that should be your tool for negotiating a lower price. If the Mold is not a problem then close the deal before someone alse does. It sounds to good to be true this day and age. I assume your rents will be in the $2500. range/month?
Who do you want the loan to be under?
[addsig]
I'm assuming he wants to put it under an LLC.
Very interesting presentation, thanks for the link!
I am planning on becoming an investor. I would like to start out with a duplex or triplex that is in a bit of disrepair (needs new paint job, carpet, etc...). Also I am able to obtain contracts from the local hospital in town to house temporary workers that pay far over the average renting costs for locals (will also make be reliable with payments and more responsible in terms of property damage than renting to locals. )What organization would I go through to get a stated income or no doc loan?
I would probably pay 155 or so.
The Mold should be the only worry as it can be very costly. You must have a professional evaluationand that should be your tool for negotiating a lower price. If the Mold is not a problem then close the deal before someone alse does. It sounds to good to be true this day and age. I assume your rents will be in the $2500. range/month?