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chainsawxecutioner
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| Joined: | Thu Feb 7th, 2008 |
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| Posts: | 1 |
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Posted: Thu Feb 7th, 2008 02:59 pm |
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| Hello. My name is Mike. I am 27 years old and I have never owned a home before. I have been working in the automotive industry as a mechanic for the past 8 years now and I am barely breaking $30K a year of income. Sure it's a paycheck, but it's not much of anything else. So I decided that I want to make a long term investment in apartment buildings to rent out. I figure that within 5 years from now, if I can own about 5 buildings with 8-10 or more units each, I can easily triple or maybe even quad-druple my annual income and quit my automotive career for good and work full time at managing the properties. I want to start off with just one building for now and live in one unit while renting the others out and get myself at least a year or two of landlord experience before I go ahead and buy the other 4 I wanna own and achieve my ultimate goal. However I have one problem. I have currently utilized too much of my personal credit mainly to help out some a--hole whom I thought was my best friend but he turned out to screw me over. My credit is NOT "bad" by any means. I havn't missed any payments on my bills, nor have I ever filed for bankruptsy or had any collection agencies harrassing me or anything bad like that. I'm just stuck paying off about $50,000 of debt and having no money left for anything else. I know that if I were to apply for a mortgage right now, I'd probably get turned down because I have too much credit. But is it possible for me to open a DBA and apply for a small business loan to buy my first buidling? With just one building and my current job combined, I can easily double my income and pay off my debts in no time while paying the mortgage. However, it's very hard (if not impossible) for banks to look at my situation from that point of view. Any advice on what I should do? Also, is a DBA required to rent out apartments?
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