Overcoming age as a first time home buyer

[Morgan Kling]

So I am leaving the bank. I won't mention the name but it rhymes with ells argo. Where I was essentially treated as if my business was not important and my investment property was of no concern. First I will give a back story. I'm 19, and new to real estate. I've done the usual educating process with a ton more to learn. However I have a good foundation of knowledge for different types of investments and returns. I have no credit (Dave Ramsey freak) and am interested in buying a duplex for my first venture. It hasn't been inspected or appraised yet, so I can't attest to the financials exactly. However on paper it seems to have an excellent ROI. So I went in to start the process of establishing credit. I requested a short consultation with their mortgage lender to inquire about options. I explained the current property, and immediately was met with a reason of why it's a bad idea. According to him, "real estate is not the way to go". I make good money for my age, have held extremely high levels of integrity and transparency with past clients and explained that to him. Along with offering to bring in the past two years of financials of the building, proof of payment, and proof of income. It seemed as if he was making up rules as he went in order to make sure I didn't pursue this. "You must have credit, a co signer, it probably needs 20k in repairs, it's just not likely at your age, you have to have been a landlord for at least two years." And so on. Can anyone offer some advice? This deal is almost to good to pass up. But considering my age and credit score, it's as if no level of rapport will sway this guy. What are your thoughts? Thanks in advance!

[Sarah Ziehr]

There are bad lenders at every bank, so I would't discount WF all together, but it does sound like you need to talk to someone else. I always get a kick out of lenders and the advice they sometimes give my buyers. It often seems that they have their own agenda and I wonder how they can be such experts on the market when they sit behind a desk all day. 

Go for a community bank or a company who is a broker, not just a big bank selling their own product lines.