Help!!!! (Urgent) Creative Financing

[Jordan Lewis]

Hello everyone I hope all of you are having a wonderful Sunday. Just a lil about myself, I am a recent graduate (October 2017), live in New York City but move from Massachusetts where I go to school to SoCal California to live with a friend that currently goes to school in Los Angeles.

Anyways my issue is after I move to California I started to work in December as a data center technician contractor in Irvine, the job lasted for 3 months since it was a 3 month contract, I’ve been researching about real estate since I started the job then decided that I wanted to invest in it.

I devoted all my time and effort since March into real estate to learn and network, went to one meetup in Irvine, met the guy that hosted the meetup (Great Guy!) schedule to have lunch with him and he told me I should start off wholesaling and bring him deals since then I’ve been driving for dollars while using property radar unfortunately things haven’t been getting any better for me and my emergency saving is running out so my back is against the wall since my my rent with my roommate comes up to 2k monthly.

This comes down to me considering to go for an FHA loan to get a 3-4unit MF home, live in one unit while renting out the others, my issue for this is that I don't have any proof of income and I was working for my school but all I got was cash in hand (Cheque) so I have nothing to show for that.

Unfortunately unlike other people I don’t have anyone to co-sign for me for any of these investment opportunities I could take and my father lives in New York City, he doesn’t like the idea of me getting a property, he just thinks I should get an IT job and pay rent that’s what I went to school for all these years but it hasn’t been easy getting a job so now I’m taking into account that I could Uber and I can make atleast 300-400 a weekend but I plan to do it everyday to get extra cash in, I’m so hungry to become successful I won’t ever give up, instead of saying I can’t do it, I’m just trying to find ways to do it, like most successful people and I know it isn’t going to be easy and I’m living way below my means, my favorite meal is pack ramen now cause it’s the cheapest haha.

Anyways my question is in my current situation what would you advice me to do to be able to achieving owning a MF property to do the house hack with FHA loan, can Ubering be use to qualify for me for the FHA loan?

Also remember I’ve been paying 2k monthly with my roommates since October.

All advice is much appreciated, just please be respectful, I’m young and I’m trying my best to do good so everyone can be proud of me.

[Sean OToole]

Hi Jordan,

I think your goals are great, but it's a pretty tough market in CA right now to count on deals coming quickly enough to pay rent. Even when markets weren't as tight, like when I started, it was 6 months until my first pay day, and about a year before I had enough deal flow to have reliable income.

I'm surprised you are having a hard time finding IT work in CA right now. I suspect you are letting yourself get sidetracked with investing and aren't looking that hard. I'd follow your father's advice and focus on that until you have something steady, that pays the rent, locked down. Having that base will make pursuing your goals in real estate way easier.

You can certainly use Uber to fill the gap while you are looking for the IT job and as a great way to continue driving for dollars (between rides), and getting to know the market. That said, I think you'll find lenders are going to far prefer the IT job as your base, especially with your goal to buy a triplex or quad and live in one of the units.

Patience will take you far.

Best,
Sean