Want Out of Rat Race

[Marion McCroan]

I am near retirement and wish to start investing in real estate. I applied for a loan of $150,000 with my local bank and they told me my debt to income ratio was too high. The property I was looking at already had renters in it (I had figured that the cash flow of the property would be around $300.)

but the loan manager advised me that until I had been in the rental businessfor one year they could not consider the rent into my income.

When I retire I will be drawing a pension. I am 57 years old and have enough money in a deferred compensation plan to pay my way out of debt even if I take the 10% penalty for drawing it out before I turn 59 ½.

I am ready to start investing in real estate and leave the Rat Race! I Would appreciate any advice in this matter.

Thanks

[Derek Dombeck]

Stop using banks all together. Learn how to structure creative deals by purchasing Subject To the existing mortgage staying in place, Seller Financing, and controlling cash flowing property through leases and options. If you do this, bank regulations will never dictate what you can and can not do.

Happy Investing

Derek Dombeck