Skip to content
×
PRO
Pro Members Get Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
$0
TODAY
$69.00/month when billed monthly.
$32.50/month when billed annually.
7 day free trial. Cancel anytime
Already a Pro Member? Sign in here

Join Over 3 Million Real Estate Investors

Create a free BiggerPockets account to comment, participate, and connect with over 3 million real estate investors.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
The community here is like my own little personal real estate army that I can depend upon to help me through ANY problems I come across.
New Member Introductions
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated almost 4 years ago,

User Stats

2
Posts
1
Votes

Looking for creative mortgage ideas! What would you do?

Posted

This is a multi-part question. please let me know what you think in the comments!

I'm 22 and getting into REI full time. My wife and I take side gigs and between that and our savings we don't have to worry about any expenses for at least 6 months. We also have savings set aside specifically for REI. This led me to the exciting experience of literally having unlimited time to pursue REI!

These are the current steps I'm taking towards getting my first deal (going for a buy and rent most likely using the brrrr method),  not including the finance aspect.

  • *Listening to real estate podcasts (obviously bigger pockets)
  • *Reading books (open to suggestions, currently in the middle of David Greene’s brrrr book)
  • *Learning the community via the web (Zillow, realtor, etc.)
  • *Learning the community via driving for dollars

What steps would you take if you were me?

The finance part is a bit complicated for me. I don't have a W2 and my LLC (that has only been open a few months) I write off almost everything. The specific obstacle I'm trying to get over is getting a mortgage. I've thought of a few ideas:

Idea a: Buy using a combination of personal funds and hard money. Rehab, refinance, pay back the hard money. this is basically the brrrr method. My question is: Isn't refinancing the same as getting a mortgage? Won't I have the same issue of no w2 or proof of self-employment?

Idea b: I have a family member interested in investing some of the money (at least enough for a down payment, maybe even the rehab). I can give him either equity or payback with interest. Is it possible to structure a mortgage that I can be on it with him? what are the potential pitfalls of this? If I do "idea a" can I refinance under him?

idea c: Find someone I know who is willing to put me on their payroll in documents only, so I can just show a steady W2. My accountant says that's not fraud, but I'm not 100% sure. 

Final question: I got some advice to get my realtor license, both for the knowledge the course will give me, and the potential profit you can make when brokering your own deals. What do you think? Is it worth the money and time?  

So there you have it. Total beginer looking for all the answers. Can't wait to hear from you guys!

P.S I'm in Broward County, Florida so if you're a realtor, investor, lender, broker, or anything else please reach out!

Loading replies...