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Updated almost 7 years ago on . Most recent reply

User Stats

9
Posts
1
Votes
Mark Hooks
  • Rochester, NY
1
Votes |
9
Posts

Advice on how to make a payment for your first deal/first deals

Mark Hooks
  • Rochester, NY
Posted
Hello everyone. I’m new to the RE world and have a few questions. When I’m ready to use my own money to purchase a property from a motivated seller, will the bank allow me to take out loans if they see that the funds that I have saved up came from RE investing? Is it best that I wait until I have enough money saved up so that I don’t even have to take out a loan for my first deal? Or is this something I have to talk to the bank about? I know banks want to see reported taxable income and I don’t want to cause any red flags or have IRS get involved.

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