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Old 09-09-2012, 08:49 AM
 
Location: Albuquerque
4 posts, read 4,108 times
Reputation: 10

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hello,

i need some help.

i would like to buy 2 homes in one year and need some suggestion and to know if its even possible!! i thought about maybe one home for myself and then a kiddie condo??

facts
self employed for 2 years as a llc
make about 50k after taxes/write offs
credit score average
50k in savings
15k in investments stock/bonds
no credit card debt
no real-estate

any help or suggestions would be GREAT!!
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Old 09-09-2012, 09:49 AM
 
Location: az
13,684 posts, read 7,973,244 times
Reputation: 9380
Quote:
Originally Posted by rich9 View Post
...self employed for 2 years as a llc
Being self employed may cause a problem.

You will need to verify to the loan officer's satifaction what you earn each month.

Your tax returns for the past two years may help but you'll still need to document your the monthly income.

Also my guess is your credit score will need to be higher than ave. given the potential problems with being self-employed and securing a loan.
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Old 09-09-2012, 09:57 AM
 
81 posts, read 214,299 times
Reputation: 50
Also the fact you live in NM. Are you planning on living in one of the houses? If not you may have a hard time pulling it off.
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Old 09-09-2012, 10:18 AM
 
Location: prescott az
6,957 posts, read 12,053,480 times
Reputation: 14244
What's a "kiddie condo"? A condo for your kids or a really small condo for what ?
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Old 09-09-2012, 11:09 AM
 
Location: Albuquerque
4 posts, read 4,108 times
Reputation: 10
yes, i will live in one house and buy one rental property.

kiddie condo is a fha program where you can buy a relative a home and rent it out after 3month of the relative living in the property!
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Old 09-09-2012, 11:41 AM
 
784 posts, read 922,700 times
Reputation: 1326
Rich I think its going to be tough to do but if it can be done I would have someone at Starboard Financial take a look at it for you.
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Old 09-09-2012, 03:22 PM
 
Location: Scottsdale, AZ
4,472 posts, read 17,691,909 times
Reputation: 4095
Quote:
Originally Posted by rich9 View Post
yes, i will live in one house and buy one rental property.

kiddie condo is a fha program where you can buy a relative a home and rent it out after 3month of the relative living in the property!
Right now I'd much rather invest money in the stock market than in the real estate market. My portfolio has been doing very well over the past months while it seems real estate may be going up in value but I still don't see a ready number of (well-financed) buyers. There's still an overabudance of homes in the Phoenix market without the people with good, steady jobs to fill them.
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Old 09-09-2012, 03:46 PM
 
Location: Southern Arizona
9,599 posts, read 31,685,641 times
Reputation: 11741
Why not invest in your home now and then, once established, buy the kiddie condo?
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Old 09-09-2012, 04:53 PM
 
Location: Chandler
32 posts, read 189,137 times
Reputation: 61
Rich, you will want to talk to a mortgage broker who can look at your financial situation and FICO and see what you qualify for.
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Old 09-09-2012, 06:47 PM
 
Location: Ma
211 posts, read 543,903 times
Reputation: 112
your other option cause your self employed is have a relative or family member Co-sign with you for the house if needed, this is what i had to do..oh and BTW, im self employed and have a 820 credit score and Zero Debt..however it was a year ago when i got my house..not sure if loans are easier now.

i would also suggest just buying a House for now. Make those payments and improve your credit score. Also put down the min required for your down payment on house. Just in case you loose your job or something and you still have reserve cash in the bank. IF you bought the condo also, thats going to require another down payment and eat into your savings (not a good idea IMO)
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