All Forum Posts by: Cole Farrell

@Megan King Great idea, thank you!!

@Brad Bellstedt Easton, PA

Hi, I’m trying to find an agent that understands investing. I have been through so many that don’t know what they’re talking about, feeding false information or just don’t have any faith in me going through with it. How do you find someone that will understand your goals and actually help you. Where can you look to find theses people?

@Daniel Haberkost That’s a great idea, I believe I do. Thank you very much, I’ll give it a try!

@Nathan G. Thank you they’re great ideas. I really appreciate the response, that gave me a good direction to look.

Hello, 

I am struggling with an odd situation. I am working on purchasing my second property, however I cannot get approved for the loan due to my current pay (Currently I work at a restaurant and the bank will not allow tips, even on the pay stub, as steady income).The difficulty is that I am a full time college student and am having trouble finding a job that will give me hours as well as decent pay. ( I have class 5 days a week 8am-3pm) I need a job that will pay a minimum of $16 an hour to qualify but there are few that have hours that extend after 5:30pm. I am graduating in May however I am trying to get the loan now while in school. My plan is to purchase a 4 unit and house hack it. The loan I am working with is an FHA because I cannot come up with 25% yet. The loan officer said that if I was able to show an offer letter as well as first two pay stubs with new paying job as suggested they could make it work. Any suggestions?

Thank you all for the responses, I really appreciate it! @jaronwalling The property is a Triplex. Asking price is $225,000. Current rents are totaling $2800. The property is cash-flowing. I have a lender that will give me the loan, however I do not have the $45K down payment. I am currently looking for sideline money for the down payment that would require a second "mortgage" and I would probably offer a 3 year balloon to the side lender. Of course this is a little against the rules but I think I have a way around it. Even with the second mortgage on the down payment, the property still has some cash flow and that is accounting for vacancy, minor repairs, and capital repairs. 

Hello, my name is Cole. I just turned 22 and I currently have one rental property which is a duplex. I found several properties near my current property which are great deals. One of which I desperately want to buy. I’m really struggling getting financing or another way to purchase. I’ve been running though different purchasing scenarios/strategies but none seem to be working out. I’m currently trying to contact the seller to see if they are open to seller financing. The numbers are all good, positive cash flow, the issue is getting the property. Does anyone have any ideas that may be able to help? Thank you very much.

@Tommy Cangelosi Understood! Thank you!

@Diana Muresan Oh oh I see now. I researched it a bit, now I understand. I found a lender near me that offers it. It seems an amazing option for me, thank you very much.