All Forum Posts by: Account Closed

Thanks for the feedback. Its good to know realistically what all my options are during that period. I will do some more research into private/hard money. My research so far indicates that could be expensive.

I should mention that I'm interested in a 2-4 unit rental as my first purchase (where I occupy 1 unit).

I found this from fha.com (private corp, I can't attest to their credibility).

"When it comes to gaps in the work history, FHA rules require an explanation, but significant work history (a year or more) since the date of the unemployment should be enough to offset the gap presented in this scenario.

As with all aspects of FHA home loan applications, the borrowers specific circumstances play a big part of this--what is considered a problem for some borrowers may not be an issue for others depending on other factors such as credit history, the nature of the employment, and the reasons for gaps in the employment record.

Also, the lender must verify current income and employment to judge whether current work is stable and "likely to continue". Simply having a new job or a recent change in employers is not enough to disqualify you from an FHA guaranteed loan. "

So, I may not have as big of an issue as I anticipated.

Does anyone have any other thoughts or input in this scenario?

Hope this is in the right forum.

I will be travelling for an extended period of time after which I will focus on my first deal. I have a concern with financing this deal.

Let's say I have a solid employment history of 5+ years, take 6 months to travel, then work for another year at which time I intend on purchasing a property.

What issues can I expect to run into when trying to obtain financing? Will lenders want me to work another year to show 2 years of employment?

In my introduction post, I mentioned how I'm looking for actions I can take now while I prepare for my first purchase and the beginning on my RE investing career.

I'm wondering, in terms of websites, how do successful investors lay out their web presence?

I'm skilled in building websites, so I figure this is an easy way to establish some online visibility and have a platform for displaying credibility over time.

My thought was to have a website that highlights my RE business, my background, current investments, past deal history/case studies, etc. I'm thinking that including this site on my business card would give those I network with a better idea of who I am, what I can provide, what I'm looking for, and more.

Any advice?

I appreciate the warm welcome and tips received so far. I've definitely received some ideas I can take action on.

To clarify, I actually work at the corporate office for my company so I'm even further removed from the agents than my initial post implies.

I came here with the mindset of "if I want to be successful in RE investing, I need to surround myself with successful RE investors". After seeing the caliber of people who have welcomed me here, I'm confident I'm in the right place.

Thanks again everyone.

Hello everyone! About me: I'm a college educated young professional looking to build wealth and create freedom through real estate investing. I'm currently a marketing coordinator for a national real estate franchise (residential), however, my knowledge when it comes to investing is limited. Knowledge: I listed to Rich Dad Poor Dad as an audiobook years ago (as well as played the game) and I recently finished the Bigger Pockets beginners guide. I've downloaded as many of the BP podcasts as possible and I've been listening to them on my commute. Plans: I have big travel plans in 2015 so most of my funds that would be available as capital will be going towards that, but after I'd like to focus on raising the capital for my first purchase (aiming for 2016). My credit is low-mid 700s. What I'm Looking For: I'm looking for advice as to what I can do between now and my first major purchase to improve my success as an investor. I plan on continuing to listen to the podcasts and reading the blog (in my RSS reader); however, I'm a firm believer in taking action, even the smallest steps. Is there anything I can do to build a solid foundation for my real estate business over the next 18-24 months besides make a purchase? Any recommendations to earn real estate related income during this period? I just want to take action where I can instead of just absorbing content for the next 2 years. Thanks in advance and I look forward to being a contributing member of this community! *excuse any typos - this was posted from my mobile while on the treadmill!