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Updated about 7 years ago on . Most recent reply

User Stats

14
Posts
2
Votes
Patrick O'Brien
  • Oakland, CA
2
Votes |
14
Posts

First Timer Loan help

Patrick O'Brien
  • Oakland, CA
Posted

Bigger Pockets-

First timer here! 

 My names Patrick and I'm Super excited to become part of the community, eager to meet many of you and learn for your experiences.

Looking for some advice as i'm a new real estate investor and have lots to learn. I've been looking into purchasing property and now have a goal of purchasing within the next 6 months. I have enough money to put down a mortgage but don't have 2 years of job income. My biggest hurdle will be finding a lender to work with me . Any advice on how best for me to get started in the real estate investment game without 2 years of income to show lender. Actively pursuing foreclosed fixer upper properties in my area but know without a lender many of these properties I wont be able to own.

Few questions:

Where should I be looking for lenders that will be ok with very good DTI ratio and can put down a significant % but will need loan with minimal income track record?

What programs do you use to look for properties besides the MLS?

Any other advice or comments is always appreciated, Thank you!

Cheers!

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