All Forum Posts by: Marcel B.

Ok guys. Need your help. Im at an Elite Education seminar in Irving and they want $27K for the courses, mentor, software, and access to $340M in hard money lenders. I have the $ on CCs.... but IS IT WORTH IT? Could I find buyers somewhere else? The main reason why Id want it is access to the hard money lenders. Should I walk away? Need advice ASAP for today is the last day! Thnx!

@Jill Haselman Thanks! I've been doing everything "by the book". The latest thing that could of hurt me were the 3 inquiries b/w Dec and Feb (car shopping and new appt). I never make late payments and always keep my balances under 30%. When looking at Credit Karma:

Transunion: 684

Equifax: 678

But I don't think they will factor in these 2 scores :/

@Bob Okenwa Thanks! I will check those to links and get my Transunion score.

Hi @Rolanda Eldridge Yea I use CreditWise and know all of my credit scores which are all upper 600's.. correct me if Im wrong, but lenders only look at FICO and not Credit scores...

@Stanley Parsley Thanks. I think first step is figuring out what's affecting that score. The Equifax site says down marks for the following but doesn't give any sort of detailed explanation:

Serious Delinquency (none of my accounts are delinquent)

Bad Payment History (don't remember the last time I missed a payment)

Recently Missed Payment (definitely haven't missed a payment in years)

Loan Balances (I bought a car in Dec. 2016, but that only HELPED me)

Ill call them and see how I can get a detailed view of this... b/c it doesn't add up to me.

Thanks!

Hello,

I plan on buying my first multifamily this summer with an FHA loan. My lender said that I need a min. 650 FICO score and that they "take the middle score". My scores are as follows:

Experian FICO Score 2: 586

Experian FICO Score 8: 680

Equifax FICO Score (I believe 5): 625

Avg. = 630

2 Questions:

1. Regarding FICO Score 2 (my lowest score) the Experian website says, "This is a previous FICO® Score version used primarily in mortgages lending. It may also be used by some lenders for other credit product application evaluations (such as credit cards, personal loans, retail credit, student loans, etc.)." Do lenders still use this score?

2. I make all my payments on time, but I am looking at what I can do to get my score up faster. Should I apply for another credit card? 

Thanks

Hi @Peter Schuyler I haven't really considered it but I'm open to anything. The only thing that I could bring to the table is $20k-25k, but I wouldn't be ready until summer.

Marcel

@Jon Huber Thank you very much for the suggestion! I chatted with a mortgage specialist at Wells Fargo and he said that they can write a clause that states that I've been doing the same "type" of work for years even though I've been a contractor for less than 2. I just have to wait until July to apply. So it looks like there's hope! Thanks again!

@Jon Huber Thank you so much for responding! I have not yet spoken to a mortgage specialist. Is there a particular bank that would be better than others for this? My personal/business accounts are at Wells Fargo. Thanks!

Hello,

I just wanted to introduce myself. I am interested in getting into real-estate investing in the DFW area and New Orleans, LA. I am open to any and all strategies except for flipping. I have not yet owned a home; that being said, I would not be eligible for the HUD FHA first time home buying option at this time b/c I'm self employed. I'd like to begin networking as well as learn as much as I can about real estate.

Hello,

I am brand new to BiggerPockets and this is my first post on the site. I am interested in getting into real estate investing and today I was told that my strategy will not work b/c I'm an independent contractor (self employed). Long story short, I was planning on getting a multi-family home this summer with an FHA first time home buyer loan, but today I was told that I wouldn't qualify b/c underwriters are only going to factor the NET of my self employed income (I've only been self employed since Aug. of 2016). They will not look at previous income for other companies because I no longer work for those companies. They can only look to what I have made and extend that out for the future to determine what my income is. So they would calculate from 8/16 for my self employment which means I haven't been self employed for a year yet. I will not qualify using conventional means of financing.

So nonetheless, I NEED A NEW STRATEGY. How do I buy in 2017 w/o putting 20-25% down? I heard that there were ways to acquire properties with low or no money down. Is this possible in my position? Where do I go from here? Any help would be greatly appreciated! 

Thanks!