Huffman, TX · Member since 2016 · 2 posts · 1 vote
Hello my name is Sean 30 never been married and no kids. I work on a tug boat 2 weeks on and 1 week off. I'm gone a lot like 75% of the year. As of right now I'm focused on getting all my debt paid off. I am really close.
So my goal is to have a few rental properties bringing in some cash flow so I can get off the boats for good and DO MY OWN THING. I live very minimal I don't need much.
Since majority of my funds are going to debt. I would like to learn other ways of obtaining some property. The goal is 5 units in a years time. I'm ready to get this going!
Houston, TX · Member since 2016 · 349 posts · 142 votes
9y
@Sean Gee Welcome to BP and to REI. You are on the right track with getting your debt cleared up. Once you have it cleaned up, I would recommend you sit down with a guy at your bank to discuss the loans you will need and if you will be approved or not. Most investors will get hard money loans to purchase and repair a house. You cannot get conventional financing because distressed properties will not pass the inspection for the loan. Once the house is fixed and you get a tenant, you will refinance out of the hard money loan into a much lower rate, longer term loan with the bank. If you are not pre-qualified with the bank, the hard money lender most likely won't lend you the money.
I am here in the Houston area so if you have any questions, please feel free to reach out. Good luck!
Huffman, TX · Member since 2016 · 2 posts · 1 vote
9y
Hey Jeremy,
Thanks for the response. I have been pre approved before for a single family home. I can start networking and creating connections in this field. Maybe finding a lender soon.