All Forum Posts by: Connor Fitzgerald

My name's Connor Fitzgerald and I'm attempting to break into the real estate investing market. Currently I have $40,000 in cash, but no credit score. I have opened two gas cards to attempt to develop some credit over the next year. I have found that most of the lenders I talk to tell me that I need experience to invest out-of-state and a credit score. I have found several small multi family units in the market I would like to start in (where the vacancy rate is almost non-existent). I have yet to find a lender that will approve me, but I hope that after I develop my credit they will begin lending. As for now I'm trying to decide whether I should go ahead and buy a triplex outright (needs new roof and minor touch ups), sit on it for a year, then refinance my capital back out and begin reinvesting the money, or should I just wait an entire year to begin investing. Obviously, I'd prefer to begin now, but can't decide what my best option is. Any advice would be great.

I make around 35,000 a year after taxes and after a 30% down payment I would have enough cash reserves to cover about 6 months of mortgage payments, which was what I was banking on getting me the loan due to my lack of credit. The bank I contacted was a local bank that has in-house financing, but tossed it out as soon as they saw a lack of experience and credit score.

And I'll be purchasing under my own name.

Would you recommend going through a bank or do you think I'd have more luck with a private lender of some sort? I've got about $40,000 in cash, but no real credit history. I've also considered paying cash for a lesser duplex just to get experience on my record. Any advice?

Hey everyone!

My name's Connor Fitzgerald and I'm a new real estate investor working on a deal in the 36201 zip code in Alabama.  The property is a quadruplex that is listed for $130,000.  Each unit rents for $500 a month and factoring in the 50% rule and the mortgage it should net $319.00 a month.  The area is known for sub-5% vacancy rates and the property was completely renovated two years ago including mechanical.  The seller has sent me his expenses for the previous 3 years which shows repairs at only 10% of the gross monthly income.  The issue I'm running into is that the lender wants 30% and a cosigner with real estate experience.  Does anyone have experience in this area or know a workaround for this issue?  Any advice would be greatly appreciated!

Thanks,

Connor Fitzgerald