Hi Bigger pockets my name is Charlie and Im a real estate newbie, my wife and I are looking to invest in our first buy and hold multi family home in the Jersey City, West NY or Union City part of New Jersey.
We have tried to obtain a loan for a conventional mortgage through a broker, despite having top notch credit scores and a nice chunk of change in the bank were denied and told to re apply towards the end of the year when we would be a more reliable investment.
Having spent half the year of 2020 on unemployment we could not produce enough reliable income combined for the year for them to give us a loan.
As of now we are compiling folders full of our information which we plan to take to the streets in order to find local smaller banks who would be willing to give us a shot, in the same breath i am also looking to build relationships with private money lenders and hard money lenders in a bid to get our foot in the real estate door.
Have to admit we haven't been involved in the networking side of things, we understand it's a fundamental part of the learning process and the building of bridges between the community, only for the fact of not being educated enough in the knowledge of real estate to be able to really give something back.
As of now we feel more confident in our goals and the path we would like to take.
Are we on the right track? We'd greatly appreciate some feedback.
Thanks very much for your time
Charlie Cremona
