first invesetment property

[Alex Wang]

Hi guys. I'd like to introduce myself really fast. I just recently heard about this site from a friend. I have been reading a lot of books on real estate investing for the past 6 yearsand even took a rich dad personal coaching course. I just graduated from Rutgers Newark in Jersey and am looking to be a full time real estate investor. I just bought my first 2 unit house right next to my school with a loan from a family member since I could not get a mortgage. The house was paid in full and i got a sweet deal for it. I have been eyeing the neighborhood for quite some time and I believe things couldnt have worked out better. The property has 2 3br 1b units and also a big basement which i am in the process of turning into a 2br 1b apartment. So far this place is generating a little over 3,000 per month. My dilemma now is this. Since the house is fully paid off I have been trying to get a home equity loan so that I can buy another property but since i havent been able to show personal income for past couple years because I was in school, I cant get a loan. what should my next step be?

by the way I just bought the house in december of 2012. I transferred the deed to an LLC ( which now makes any loan a business loan).

My vision is to buy 3 to 4 multi family investment properties before buying my own home and starting a family.

Any advice would be greatly appreciated. Thanks

[Nick Lodowski]

Alex,

Congratulations on your first deal. I really think that's the hardest one. I'm sure you have learned so much already just by jumping in and getting it done.

I am a mortgage officer for a large lender and we don't touch LLC's. Often times people have to take the title out of the LLC, get a mortgage (when they can show income) and then put it back, but I would not recommend that. I would look to hard money lenders or better yet, go back to the relative that was willing to lend you the initial money, show them you can be successful and give them a great rate of return.