All Forum Posts by: Erick Cervantes

@Stephanie P.

I don’t..

@Stephanie P. This will be my second flip. The first one I sold about a year and a half ago.

@Herndon Davis Thanks for the reply! You're speaking hard money correct?

I have the 20% required for a down payment but I would be pushing it if something unaccounted for happened during the "remodel". I would have to go with a hard money loan if all else fails but I'd first like to see if someone else has had any experience with my situation. 

@Jaron Walling Thanks for the reply!

When I talk to the banks they told me I'd need to provide the last two years of taxes. I can easily provide the proof of income but not the taxes. Can I get away with showing them proof of income? 

The property is about 90% complete and just requires a facelift. 

Hi all,

First off, I'd like to thank you all for taking the time to read my post.

Looking for advice and routes to take. I've been driving around looking for potential properties (driving for dollars) and I've found a house that was FSBO and I called the guy up asking him what the asking price was for the house. Long story short the guy wrote a book, bought a crap ton of properties and now is tired of having to fix them up and wants to liquidate. I really liked one house and he is asking 265K the comps are right around 320K.

My question is my income. I have about a 790 credit score and make more than enough money (90k). The problem with that is that I am self employed and have not filed my taxes for the last two years. I am planning on filing them together this year but the deal sounds pretty good and I just want to dive in already. 

Any recommendations on how to go about this situation? I really want to buy the house and the homeowner wants to cash out.