My First Investment Deal

i'm closing on my first investment deal. It's 4 duplexes all on the same property, but divided into seperate lots. I'm 21 and i have good credit but i'm not sure if i have enough credit history. my broker is structuring the deal so i can pull out 18k on each property. all units are currently rented under section eight. my loans have to be approved @ 90% LTV. it has been appraised @ 140k and i'm buying them for 84.5. So i guess i'm a little nervous about not getting the loan approved. if anyone has any advise or comments i would love to hear them. confused

Comments(5)

  • 64Ford27th September, 2003

    Perhpas I'm not understanding, for as I read it you are buying a 140K property for less than 90K. Why are you worried about 90% LTV? You are at 65%/ That's great!

  • mattspence27th September, 2003

    Where are you from jamesprimmer? I'm 20 and its nice to see someone else that is young doing deals.

  • jamesprimmer29th September, 2003

    i'm from tampa, fl. what type of deals have you done. this is my first, other than the lease option i got for my home.

  • OCSupertones29th September, 2003

    Your getting 4 duplexes (8 total units) for $86,500????

    I just looked at a 6-plex and it is in escrow for $345,000.

    and its run down and in a very bad area.

  • jamesprimmer1st October, 2003

    no the duplexes are 84500 each and there all under section 8. and there also in a bad area

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