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hi. i have a guy offering me his 2 unit apartment for $45k the one unit he occupies... which i also plan to do. and the other has a current tenant that pays $475/mo location is:
103 S. State Springfield il
i know springfield is not exactly a booming city... but this is what i want, i have savings, to make a down payment, i also have no job currently... but i was thinking with my savings and $450/mo i collect from the other tenant can help me survive until i find the job... and also temporarily find a room mate until i find a job aside from my only tenant.
i have to say, this is my first time to buy a house.. and although my family have rentals... about the only experience i have is collect rents... i dont make the contracts or do background checks... can you link me to a good site to check backgrounds and make tenant contracts? thanks.
hi. i have a guy offering me his 2 unit apartment for $45k the one unit he occupies... which i also plan to do. and the other has a current tenant that pays $475/mo location is:
103 S. State Springfield il
i know springfield is not exactly a booming city... but this is what i want, i have savings, to make a down payment, i also have no job currently... but i was thinking with my savings and $450/mo i collect from the other tenant can help me survive until i find the job... and also temporarily find a room mate until i find a job aside from my only tenant.
i have to say, this is my first time to buy a house.. and although my family have rentals... about the only experience i have is collect rents... i dont make the contracts or do background checks... can you link me to a good site to check backgrounds and make tenant contracts? thanks.
You're putting the cart before the horse.
I would be more concerned with getting a loan without a job.
You absolutely cannot get a mortgage these days on a 2 Unit property without a job - are you out of your mind?! the rates are slightly higher too WITH a longer closing time now
Also did you ever consider if any maintenance is needed in the house after you buy it like furnace blows out or water leak, what will you do? will u diminish your savings and go behind on mtg payments?
Get a job, keep it for 2 years if not in the same field and THAN consider your CREDIT and than you can start the mtg process!
you absolutely cannot get a mortgage these days on a 2 unit property without a job - are you out of your mind?! The rates are slightly higher too with a longer closing time now
also did you ever consider if any maintenance is needed in the house after you buy it like furnace blows out or water leak, what will you do? Will u diminish your savings and go behind on mtg payments?
Get a job, keep it for 2 years if not in the same field and than consider your credit and than you can start the mtg process!
+1
What will happen if you cannot find a tenant (if present one moves out) and still have no job and your furnace blacks out AND you got roof leakage?
You must have income (or funds in reserve) to support the property without any rental income. It sounds like you may not the case right now.
Money aside -- Even if you were to get a job soon, I think it would be very difficult to start a new job and take on a new rental property at the same time. Rental property takes time as well as money. I think you'd be better off to get settled into a new job and then take on rental property.
actually. this guy sounds too good to be true. $45k for EVERYTHING he owns. he said he will leave his motorhome, truck, electronics, furnitures... thats just insane... but i think he is broken hearted he said he just got divorced and tired and just wanna go back home to his country. he said there are no back taxes and that everything is kosher - what does it mean? he said he actually just bought it 2 yrs ago and rehabbed it. so it looks like everything is taken care of... now i fear though that his "tenant" is his ex-wife who he said lives downstairs....
regarding... job... actually i can get one if i want my sisters all own home care biz... i just dont wanna get one since i still have money in the bank anyway... plus.. im sure my credit union will give me low rates coz i paid off my car loan in just 1 1/2 months on a 3 yr loan... and i have high credit score in their record. i know coz they let u see your credit score. i am debt free.
what u guys think? i actually plan to sell his motorhome and truck.
Don't take our word for it ... go talk to your Credit Union and see if they'll give you a mortgage. And then please come back and let us know what they say ... k?
And btw, I don't think you'll get much for his motorhome & truck.
Last edited by Chuckity; 03-22-2011 at 04:15 PM..
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