All Forum Posts by: Enrique Toledo

Have you already talked to the seller? You could put seller financing on second position and get financing for the first and do a 90% CLTV.

I don't think any lender (unless private) will let you put nothing down. If you don't want to put a single dollar down then you can just structure a 100% financing with the seller

I can send you a sample contract, whats your email?

@Enrique Toledo

too broad

can you be more specific?

deals can be found both on market and off

Hello Enrique! Congrats on getting your license! I would suggest for your first acquisition to "house hack" and buy a primary residence that you can get preferred financing on and also make some income on. Even if you end up paying for some of the mortgage, it will help you eliminate or lower your largest expense: housing. Then you have some traction.

Real estate is a rich mans game. There's plenty of low money no money things you can do like wholesale, FHA financing, 100% financing loans but all of those end up being expensive in the end. My advise to you is to save as much money as possible and eliminate whatever expenses you can to save up for downpayments. The larger downpayment you can put down the lower your payment will be and ultimately will save you thousands or hundreds of thousands of dollars in interest. Find the strength to say not to unnecessary expense to yourself, friends, significant other for a few years to start building your wealth. A couple of painful years will allow you to live the life of your dreams in the future.

To get a loan you will need to establish a good credit score. This varies by the lender. Contact a couple of banks and mention your intent to purchase and they can help you. You will need a stable w-2 job for 3 years if you plan to use a bank. Using a bank is the cheapest option and highly recommended. You can contact other lenders, and do things like DSCR , but they will be more expensive in the short and the long run.

You don't necessisarly need any lines of credit. Cash talks. Save as much as you can. Once you have equity in your first home you can then start to play around with things like HELOC and cash out refinance.

I highly recommend again , to get started, to househack your way. Its the cheapest viable lower risk lower cost option.