scine
New Contributor
- Joined
- Jun 23, 2008
- Messages
- 46
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Hello,
I posted about my original plan to buy a small 2-4 unit duplex/quad and some people had suggested that I accelerate my plan. So, I got to thinking:
Is it a bad idea to start out a LOT higher? In other words, I found a 36 unit apartment building for $2.3 million, and I'm thinking about going for it.
However, I am cautious because of course, $2.3 million is $2.3 million.
A side question is do you think the following situation is possible?
Wife and I pull in about $50k a year each.
We have a 4 bedroom home with a mortgage of about $215k on it, home appraises for $270.
$120k in college loans.
about $10k in credit card debt
Our credit scores are almost perfect at 805 and 810 respectively.
However, the only problem that I can forsee is that I can only come up with about 5% down on the property.
So far, the numbers all look good, even on the spreadsheet that's going around here. First year, after everything's all said and done, I'll pull in about $29k a year. Is that too little of cashflow for a property of that size?
So, am I being overly optimistic? Would a bank or mortgage broker even touch me with such a low down? I got all excited when I found this place, so I don't want get my hopes dashed.
Thank you all for the great words of encouragement in my last few posts, I just thought I'd give you all an update and ask some advice.
I posted about my original plan to buy a small 2-4 unit duplex/quad and some people had suggested that I accelerate my plan. So, I got to thinking:
Is it a bad idea to start out a LOT higher? In other words, I found a 36 unit apartment building for $2.3 million, and I'm thinking about going for it.
However, I am cautious because of course, $2.3 million is $2.3 million.
A side question is do you think the following situation is possible?
Wife and I pull in about $50k a year each.
We have a 4 bedroom home with a mortgage of about $215k on it, home appraises for $270.
$120k in college loans.
about $10k in credit card debt
Our credit scores are almost perfect at 805 and 810 respectively.
However, the only problem that I can forsee is that I can only come up with about 5% down on the property.
So far, the numbers all look good, even on the spreadsheet that's going around here. First year, after everything's all said and done, I'll pull in about $29k a year. Is that too little of cashflow for a property of that size?
So, am I being overly optimistic? Would a bank or mortgage broker even touch me with such a low down? I got all excited when I found this place, so I don't want get my hopes dashed.
Thank you all for the great words of encouragement in my last few posts, I just thought I'd give you all an update and ask some advice.
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