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Updated over 4 years ago on . Most recent reply
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Advice for young man getting into multifamily investing
Hello everybody, my name is Brandon Kranitz, just recently turned 20 years old and I am planning on buying my first investment property in the next couple months. I want my first investment to be a multifamily home, possibly making it a house hack! I have been reading lots of books, watching webinars, and absorbing as much information I can. I am almost at my money goal as well, but I am at a potential roadblock that I need some advice on, I've only been in the workforce for about two years and I am worried I will not get approved for bank loans because I don't have a lot of work history. Now, a majority of my pay are tips from serving/bartending. To wrap it up, my question is.. How should I prepare for a bank loan from a major bank or from a profolio lender?
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@Brandon Kranitz To answer your question though, you could provide a detailed business plan to show that you have thought about risk and what you can do to mitigate it.