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Yes, Credit is currently the most frequently heard problem, and the fact that I have not been working in Real Estate for 2 years and I work in resaurant.

mortgage brokers/lenders do not take income from real estate into consideration unless you have been at for a minimum of two years. And since I also work at a restaurant, which most of my wages are under the table and do not appear on any W2, they cant take my word for it.

I am wondering if there is any other means of obtaining a loan that will work with me and my current finance situation, without getting to creative. I am more than capable of keeping a mortgage current.

Now I understand that this topic has probably been covered, but I would just like to bring it up in order to hear from other new members with knowledge in financing and help me with it.

I am interested in buying condo in a very nice are where property values are steadily rising along with rents. The condo is actually owned by my aunt which would be flexible when it comes to taking back a second mortgage of at least 10 percent. I have talked to many banks and special investment loan companies and have been turned down countless times.

Im currently working on my credit to get it above 750. I currently pay rent of 780 in a "not-as-good" area of the condo. I am hoping to purchase the condo for about $105,000, less the second mortgage. Rents are around $1,000 with included water. i would occupy the property for at least 2 years. I know its a great deal and want to jump on it fast but I cannot get anyone to finance me. Anyone have any ideas?

I completely agree with noobdog. With all intentions to start a REI Career, i have decided to take, maybe the longer but more involved road by getting my salesperson license. I have gained a lot of knowledge of the local markets, property values, meet other investers in the company, etc.

Although I do take a pretty big hit from the broker when it comes to commissions, usually a 50/50 and all advertisments and marketing 50/50, I regain that loss of money in education.

I have learned much from the business with my salesperson lisence, including BEING a salesperson. I'm no salesperson but I have become more comfortable with it and with customers.

Amy is exactly right in her response. A realtor will want that 180 period to ensure that no advertisments or efforts of her own was the procuring cause for that sale. Not to mention protection from fraudulent sellers. The best way to handle your problem is to talk to the broker. Most larger brokages will rather release a listing at the request of a seller then fight them til the end. When doing this make sure they sign some sort of Termination of Agency or Mutual Release Form. It is ultimately the brokers call for releasing a listing so I would start there.

Hi there, I have been reading the information on this website for sometime now and would just like to thank everyone for their generosity in sharing information and stories. It for one has motivated, taught, informed and protected me and can only thank the people here on this site.

Now on to my question. I have recently decided to take the final dive into acuiring a duplex which will double as my primary residence and rental. I have crunched the number all I can and found it to turn a nice profit and a good first time investment. The property, however, is 1/2 parcelled and split right down the middle. This includes the house sitting on the lot. They're two seperate deeds, tax ids and all, in fact, two seperate brokers have them listed. Both REOs.

My questions(s) is this. I really want to buy this property but as a whole. There are obvious benefits in doing this, most importantly, avoiding two closings and having one mortgage. I have been talking to other RE investors in the area and did not know any firm answer as to go about correcting this problem, including title agents that "have to get back to me.'

My second hurdle I have come across is the financing. I have met with a few lenders now and all say I have to have someone co-sign on the mortgage. I would really like to avoid this. Now seeing that I work full time at a restaurant and make more than I do on paper, they also said that I would have to go no-docs. Catch with this is that it is usually requires a minimum of $40k purchases. The house im going for is only $29k. Any Ideas?

Thanks in advance for any help and appreciate any input.

Adam

Hi There, I just had a quick comment to throw out there and get some feedback on. Im currently a real estate agent, and now I understand the pros and cons that come with that but the thing is, i really only want to invest. Now im wondering if it would be smart to start with the listing and selling game and then move onto investing further down the road once i have a few years under my belt or simply dive right in and learn as I go. Now im probably going to work the listings for a while regardless but im just wondering on the different view points out there and get some ideas thrown around.

Thanks
Adam

Well thank you for the warm welcome. Hope to learn from both teaching and from experiance here. 'Know i will be asking a lot of questions here on my endevours into the business, for sure. Hope you dont mind being my network of opinions until i build a network for myself. Not to mention all the pesky questions that I will probably ask, in which i will thank you for being understanding foremost.

Really, great to be here and appreciate all the sharing of information!

Marks, well kind of a tough question to answer. As Much as I would like to simply get into investing and running properties, I feel there is much still that i have to learn. It would be nice to buy a property and start my career out that way, but I feel that starting a sales person, as much of a drag it may be, is how i should start to learn most of the paper work and how to deal with sellers, loan officers, and other property managers.

Well the REI is obviously a smart move to learn the area, and i plan on guest attending the local club in my area (Lake Erie Landlord Association [LELA]) soon. But other than much experiance in the area, i see no other way for starting investors to learn trends in order to formulate a well organized business plan: Market trends, analyize the good from the bad, REO vs. Foreclosures/Pre-Foreclosures vs. HUD owned, etc. Which leads me to another question; I work for a real estate service sompany currently (Howard Hanna) and speaking to the agents there that own there own rental properties and rehab homes, and they mentioned to me to stick to the HUD owned homes for investment properties. When I even mention Pre-Forclosures and Foreclosures, they kinda shreeked and turned away from that topic immediately. Any Thoughts/Ideas?

Also, I plan on investing in the Lorain/Elyria area of Lorain County, here in Ohio. Any information on view points, ideas, strategies, general input from anyone familiar with the area, would be great.

Thank you, much appreciated.

Howdy, as you're probably already aware, im a newbie, and i mean that when i say. I decided to get into Real Estate 3 monthes ago, took my pre-licensure classes and passed the test a week ago.

Now I hate to sound ignorant, and simply jumping into the business because it's EASY or hardwork isnt required, because that wouldnt be true, nor would it be for me. Im trying extremely hard to learn the business from ever angle by listening to ever word posted, and taking in all the advice i can get. I have invested much time and money in blogs and books, but there is still one question the I cannot seem to find the answer in any material. My goal in the Real Estate business, or at least get started with it, is in investing in income generating rental properties. That being said, my question is, ive heard many people post and many authors say "DO YOUR HOMEWORK BEFORE INVESTING!" Now dont get me wrong, doing the work isnt the problem, moreso the question. I know what i need to research, Market Trends, Appreciation/Decreciation Values, Vacancy Rates, Debt Service, GRM, RoR, Cap Rates, and all that other good stuff, but im puzzeled in how one goes about finding these figures in the real world. I currently live in a High priced section of my county where short-term investments would be impossible, rather I plan on investing in monthly income generating properties in a more urban area of the county with a middle-class population that rents, instead of owns. Any advice/criticism is greatly appreciated. Thank You!

Adam

Hello everyone, been reading many of your threads the last couple of days and finally decided to join in order to post my own thoughts, if any, and questions.

Also join the forums in order to educate myself a little further in RE investing. I recently obtained my salesperson lincese and have been turned on by the potential career in Real Estate investing and Sales. Though I have yet to list/sell/buy a house, I'm interested in bettering my knowledge in investments before I do so in the near future. Hope to learn much from everyone and in return offer feedback. Thanks Much!
-Adam Simbeck