All Forum Posts by: Elijah Brzezinski

Hello all! As a FTHB, I'm really looking to get a great deal! We're all hunting for great deals though. If y'all see a house that is listed well below the price of comps in the area what are some red flags you look for?
Example: I am looking at a house that is 5 BR 1.5 BA listed at 100k. Most houses in that area of a similar square footage, room number, etc are at least 180k.
Are there specific things to look out for that would justify a price like that, or is it just a great deal?

@Doug Spence My next step is to look into a different partner! Thanks for the input :)

@Joe Villeneuve Thanks for your input! Learning how money works is exactly why I am interested in REI and BP as a whole. It is also why I asked the question as to how to think and solve this problem. What would you suggest I look into specifically?

I'm a FTHB and I've been scouring an area I would like to buy. I made a post yesterday about being able to qualify for Fannie Mae due to my commission only job.
The roadblock I seem to keep running into is the fact that I have had two company changes in the last 30 months, but it is the same positions. I inquired about having a co-borrower, who would be my employer, but as he has only owned his company for less than a year he is unable to be pre-qualified through a lender. 
I've talked to hard money lenders, big lenders, local lenders in the area I want to buy, and I haven't gotten anywhere. I seem to be hitting roadblock after roadblock due specifically to my employment history. I will be switching companies AGAIN in a few weeks, but the company is still owned by the same employer. If I get an offer letter with estimated/projected earnings, would that be able to help my ability to get a lender?
I don't have the money to go without a lender. Are there creative financing options for me? From the loan officers I've talked to over the last two days it seems as though I would need to have at least 24 consecutive months of employment history through commission only in order to get approved. 

Thanks so much Jared! I've talked to a couple lenders this morning so far about my situation. Is there any drawback to getting pre-qualified through multiple lenders? I am also looking to have my roommate be a co-borrower, but not a co-signer. Are there any restrictions as to who that can be? He is my employer, and is self-employed in a similar situation.

I am a FTHB and currently taking steps to secure a lender. After getting on the phone with a lender, he informed me that due to my work history over the last 24 months, I will be unable to secure a lender for a house. I looked into Fannie Mae, and saw that she is a little more lenient on work history for commission based incomes, but I don't really understand how it all works. Don't I still need to get approved from a lender in order to do Fannie Mae?
Alternatively could I go through a HML? Do they follow the same guidelines about financial history? If it provides clarity... I have an excellent credit score, have 20k ready to go on a down payment, and a 32% DTI.
Also, I'm unsure what forum to put this in. Sorry if it's in the wrong place. 

Hello BP family! My name is Elijah, I'm a 23 y/o entrepreneur and I've been listening to BP for about 6 months. As a company, we have decided to relocate across the country and I see no better opportunity to purchase my first property! 
I don't expect too much help, but I'm sure y'all can provide me with some gold nuggets of help throughout the process.
Please feel free to grill into me and tell me if I am wrong, or if there is anything I can fix about my post. My current plan of attack is to secure a 300-350k property (with intention to rehab) in my new city on an FHA with my business partners money. I will live in that house for the first year or so, and charge rent to the other occupants who will be moving with me. After the first 12 mo, refi to a higher ARV, move out, and assume 100% cashflow from it.
I'm on a very crunched timeline in order to find this property and I don't expect to catch a life-changing deal, but I see this transition as my "white belt". 
I'm taking this week off to blitz my way through as much content online, get my ducks in a row and secure this deal. The last thing I want to do is make a big mistake and wind up with a negative cashflow.