Brand New to BP and Real Estate Investing

[Brandon Craig]

Hi all! My name is Brandon (not the famous one) Craig.  I'm 25 years old and I live just outside of Philadelphia in Delaware County.  I've developed a tremendous interest in real estate, thanks to BP, and I'm itching to get going.  My current plan is to start with a duplex, renting out one unit and living in the other as I make repairs/improvements.  

I actually just got home from a pre-approval meeting and realized I may run into a struggle receiving a loan right off the bat.  I've worked in various jobs over the past 4 years with sporadic flows of income from each.  I've worked as a licensed athletic trainer, a maintenance technician for a local school/church, a package handler at FedEx Express, and I own and operate a small landscaping company.  As many of you probably know (and I just learned), proof of a consistent flow of income from the same employer for 2+ years is extremely important when it comes to receiving a loan (regardless of my excellent credit score and lack of debt).  I left the pre-approval meeting bummed out that I might not be approved for the amount needed to buy the duplex I have my eye on.  Then I quickly decided that I wasn't going to let this stumble out the gate stop me from my pursuit.  So while I wait for word from the mortgage lender, I am currently brainstorming ideas for other potential plans of action.

Sorry for that lengthy introduction, but I'm excited to join the BP community! 

[Michael Strobel]

Hey Brandon! Welcome man! Real estate is awesome. Don’t know if you recently graduating college but some banks will wave the 2 year Work history if you just graduated. If one bank says no...try another. If they say no...try another. Local banks are best from what i find. That’s what I did to get my 1st duplex in 2016. And I’m closing on a quad in 2 weeks. Been a little slower than i would like but that will put me up to 6 units.

Best of luck to you!