All Forum Posts by: Clint Vonburg

Sorry i haven't replied as I haven't been on in a while, I've decided to give up on that method and just save up as much as I can as I wait for my 2 years worth of income from working with Door dash comes in. That way I can utilize different loans such as the second home FHA loan. My plan is to do the mid term rental, and I am currently turning the extra bedroom of my house into a furnished private room to rent on furnished finders. If everything works out I'll be able to save faster.

 Yeah i know that, I only have one card that has the interest rate, which I planned to pay first but all the others are new and have 0% right now.

So, I've heard on the podcast that others have used credit cards to purchase properties before but I am having trouble figuring out how they got the funds off the cards to pay for anything. You see what my plan was was to use my credit cards for the down-payment of a property but I'm just finding out that I can't even transfer my cards funds to a checking account. So I'm wondering if there is a way to get the money off the cards to pay for the down-payment that I am unaware of or not?

 1) I just got declined with my personal bank (NFCU) because I don't have the required 2 year income with Door dash.

2) I could check with a local bank I just don't know how to find or identify them.

3) I think my mortgage is on a second one because the original bank (US Bank) that had my loan sold it off to a company called Volunteer Mortgage Loan Servicing, which I didn't ask for them to do, and I don't think they are a bank or credit union so I don't think I can use them.

Does anybody know of a bank that I can open a heloc with that doesn't require 2 years of proof of income? See I started working for Door Dash at the beginning of this year and it's my only source of income and I make between $1,000 and $1,400 a week so I don't exact meet that requirement. 

I found a SFH in Lenoir City and am looking for a general contractor that is willing to help with the rehab and give me a quote on the potential cost.

 Well I do plan to rent out my house but i was just gonna do the whole house hack thing with it first. Because i know that i could easily make $400 to $500 in cash flow if i rent out the house i live in now then i could just live in the new investment property for a year while looking for new deals.

Yeah after I posted this I realized it said 70% of the ARV which means I have to make it work with the 70% that I get from the loan. Now my main problem is trying to find comps nearby which I learned on redfin you can zoom in and see what the other houses nearby sold for but those can't be too helpful because the houses could of been sold like back in the 90's or something.

I'm actually self employed via door dash and started full time this year so I don't have enough proof of income for a conventional loan which is why I was asking about hard money loans. Otherwise I was gonna refi my house and use that to pay off my debts then start my investing journey.

So my question is if I find a deal and get a hard money loan for 70% of the ARV but that much doesn't cover all the money I need for the rehab what would be another way to get money other than just saving from my job? I feel like a second hard money loan would be a bad idea, or is the 70% usually enough to cover everything?