All Forum Posts by: Account Closed

Have you tried to get an FHA mortgage? Typically they have lower requirements and only require a 3.5% down payment. My wife and I did exactly that for our first property and 9 years later sold it and bought a 6 unit multi-family.

Thank you, Dave, for your post, How much did you purchase your first property for?

0 Votes

Originally posted by @Dennis M.:

@Bijou Diaou

If you understand creative financing and develop a special skill set you won’t ever need a bank again . If your good enough you can get the deals if the deals are good enough you can get the money

Thank you, Dennis,

How has your experience been with creative financing?

0 Votes

Originally posted by @John Teachout:

Banks are concerned about getting their mortgage payments on time (at all). If you can't get a loan, that doesn't necessarily mean you are a financial risk in real life but you are according tor their algorithms. So either your credit doesn't meet their muster or your income is inadequate for their metrics.

That said, if you try to get some sort of private funding, you may be facing these same hurdles.

The solution is to figure out the "why" of being refused a mortgage and then see if you can fix it.

In my opinion, $10k is about the right amount to hold for reserves if you're buying a property, so save up some more. If you put that whole amount into a property and something goes wrong, you'll be at risk of losing it all.

Congrats on saving that much, it's not easy. Keep going.

Hello, Yes definitely agree, I also wanted to mention that 10 thousand is what I have anticipated but also have more funds reserved for the project but I would rather start with 10 thousand to minimize risk at the beginning.

0 Votes

Originally posted by @Corey Meyer:

@Aaron Hunt

Agreed. Having no track record and instability in personal finances, there will Ben resistance. Joining bigger pockets is a great first step. 2020, the year is here.

Yes, Corey 2020 is definitely the year of resilience and growth. Thank you for your post

1 Vote

Hello Biggerpockets community, Thank you, everyone, for the time you all took to respond to my post I found the responses to be very helpful. I would like us to focus on the positive and the alternative because I am a firm believer of the proverb "Where there's a will there's a way"I have a credit score of 700+ but the reason I cannot get a loan is that I took a year off to travel Europe and the loan office wanted two consecutive years of tax returns even after I provided proof of personals funds. Just because the bank won't bank it happen does not mean it will not happen! I want to focus on solutions and not the issue. Once again thank for all the responses.

11 Votes

Hello Everyone

For the past few months I have been unable to get a traditional mortgage with a bank for various reasons, I am honestly tired of it holding me back! I have decided to look for a property using seller financing. Still, I wanted to ask the Biggerpockets community what you all would do in such a situation if you were in my shoes?

15 Votes

@Dennis M. Hello Dennis,

Can you go into more about what is creative financing!

0 Votes

Originally posted by @Jon Reed:

Echo what @Jaysen Medhurst said... never try to time the market.

As for my personal timing... it was a very simple and clear moment.

I was 29... the 'traditional' retirement plan left me with 40 more years of working before I could retire.

With some back of the napkin math... over the next 40 years

88,560 hours spent at work
77,120 hours spent with my family

That really sunk in... Over the next 40 years I will see my office walls more than I will see the faces of my family. Within 4 months I did my first BRRR and have never looked back. Now I am planning on retiring before I turn 40.

Wow, that's great, How was your experience overall?

0 Votes

Originally posted by @Matt M.:

@Bijou Diaou

Sounds like you are a 1099 or self employed. It’s not easy getting loans being either.

Hello Matt, Yes I am self-employed and it has only been a year since the launch of my e-commerce.

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Hello Everyone,

I am a firm believer that there is no such thing as perfect timing, but the right timing is key! From personal experience, how did you know that is, was the right timing to go into real estate, and what were the considering factors?

0 Votes

All Forum Posts by: Account Closed

Account Closed has started 10 posts and replied 34 times.

Post: I have 10k to invest, Cant get a mortgage! What would you do?

Post: I have 10k to invest, Cant get a mortgage! What would you do?

Post: I have 10k to invest, Cant get a mortgage! What would you do?

Post: I have 10k to invest, Cant get a mortgage! What would you do?

Post: I have 10k to invest, Cant get a mortgage! What would you do?

Post: I have 10k to invest, Cant get a mortgage! What would you do?

Post: Is it possible to qualify for FHA without Proof of Income?

Post: Is the timing right?

Post: Insufficient Work Documents

Post: Is the timing right?