From $0 Net Worth to $1 Million in Financing in 2-1/2 years

[Mindy Jensen]

Our Director of Operations, @Scott Trench , is quite young in the grand scheme of things.

But his experience level raises his age considerably, and his thought processes show just how wise-beyond-his-years he truly is.

His latest post,  How I Went From $0 Net Worth to Qualifying for $1M in Real Estate Financing in 2/5 Years  is a must-read for anyone just starting out.

[Matthew Roder]

New investors, or even seasoned ones for that matter, should make sure to shop around for their mortgage.  The 2 year landlord requirement is a guideline that you may find if you walk into one of the big banks, however, conventional guidelines (Fannie/Freddie) do not require 2 years of experience in order to use rental income to qualify.  A good mortgage broker will be able to take a new investor with zero experience owning rental properties and use either 75% of the existing lease on the property, or 75% of the market rent determined by the appraiser.  Not to knock the post, as I'm a HUGE advocate of house hacking, if your situation allows for it.  Also, the big picture being to not over extend yourself, live below your means, save money, and use that money to grow more money, are time tested, valuable life lessons.