I am 22 from Oregon. I own a painting company and have no employees right now, i work 50 hrs a week for myself. I have about 8k saved for a duplex (or another small multi-family) and i wanna know where i should get my loan. My personal bank i have my personal & business accounts at? a smaller bank?

Also once i buy my first property i’m worried since i am so young when i go to buy another one i will be **** down by most if not everyone. How would i be able to get another loan? (my goal for the year is to have two multi-family priorities) properties My biggest worry is i won’t be able to continue to buy properties once i buy my first. The only debt i have is my car payment monthly and my credit score is above average.

Just need connections to talk to people and ask more questions. My family doesn’t know much nor do they want to help me, as well with friends i am in this thing alone. Looking for friends and connections. Really trying to get the ball rolling on buying properties just don’t want to get stuck.

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Jay Hinrichs

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Lender
Lake Oswego OR Summerlin, NV

Jay Hinrichs

#1 All Forums Contributor

Lender
Lake Oswego OR Summerlin, NV

Replied August 18, 2019 14:10

Originally posted by @Parker Judd:

@Jerry Padilla Thank you for the info!! I do not unfortunately i started in January of this year and have done roughly 70k in sales so far. (as someone who just turned 22 that’s insane progress for me)

I thought that’s one of the issues i would run into being self employed and just starting out. I know that you need a minimum of two years finical report for pretty much anywhere so i was wondering if i should just partner instead? I do have a few partners already in mind that i know would be interested. Any feed back will help! Thanks again

Not Corvallis proper as prices are quite high in that city but one of the satellite cities would work.. you could get a 0 down loan using the USDA loan product.. I built a 30 home community in Tangent so maybe look there or Philomath or other smaller cities were USDA is allowed based on population and save your cash. self employed can be tough you need usually two solid years of tax returns ..