All Forum Posts by: Jacob May

@Teddy Smith that’s extremely helpful!! Thanks for the advice! 

Hey I have recently moved to the Wilmington NC area.  I am constantly studying and trying to learn the area so that I have the best understanding of where the most opportunity for rentals are here.  With that being said is there a website/tool that anyone recommends that can analyze and compare the rental rates of the properties I am looking at?  If anyone is from the area or investing in this area where do you see the best growth and rental success?  Thank you for the help!!!

I must say that for this being my first question here on the website the feedback has been amazing!!! This is an awesome community and I thank you all for all of the help!  I have personally taken into consideration all of the replies and have learned a lot within just this forum.  You all rock!!! .... Shout out to @Brandon Turner for voting on this forum haha, made me feel special and your podcast rocks!!!.........Quicccckkkkkkkkkkkkkk TIP

@Account Closed I appreciate your concern.  Yes that is what I signed for and I thank God everyday for that. 

-If you didn't know money does get taxed so don't let your eyes be deceived.-

I was blessed enough to pay off any student loans I had from college with that signing bonus.  I was also blessed enough to finally buy my first condo with my personal finances.  I understand that I am 26 but also mature enough to realize baseball does not last forever.  I am only trying to seek out advice during such important decisions in my early adult life.  I have a passion for real estate and would love to learn as much as possible.  As stated in the first post I had a hard time getting APPROVED for a loan.  If you are educated on the process of getting approved there are more factors that go along with it then the final number in your bank account.  

Because this is a educational forum I'll let you know that baseball players get paid seasonally(6months out of the year) banks like to see that you have yearly consistent paychecks (no matter how much you may be getting paid for only half the year).  

My question was if there is any "experienced" advice on other ways you can get banks to be a little more agreeable with giving you a loan considering the first loan I received was so difficult.

Further more if you are still reading I hope that I have helped you understand my question a little better.  Either way I appreciate your input . 

@Bryce Cutler Thank you for the advice that's defiantly something I will start to purse!  Let the search begin!! 

@James Barnhart This is very true.  I have done minor things for more income like lessons and baseball camps for some supplemental income, but nothing of great enough value to really have a bank willing to take the risk on me.

@claytoncook when trying to get approved for my current place I failed to find anyone that would do it until I was added to the 40-man roster.  After being added I held out to move forward with the process to see if I could get in the Big leagues (25-man roster) due to the bigger salary obviously.  I made the team out of camp and immediatly started the approval process.  This is how I got approved for my first purchase.  I am currently not on the roster anymore after being Designated for Assignment.  This is why I am seeking guidance. I would like to purchase a second income property.

That is how I got approved for my current condo.  I did find it extremely hard due to the fact we only get paid 6 months out of the year on salary.  Any other money players bring in during the off season come from endorsements, lessons, part-time stuff.  Thank you so much for your input it was extremely thoughtful.

I am currently a professional baseball player for the Chicago White Sox.  With that being said it is extremely hard to get loans from the bank due to only having seasonal income.  I was fortunate enough to get approved last year after making my MLB debut, I guess making myself seem more convincing.  

I purchased a two bed two bath condo in Carolina Beach and will be renting this unit out for the summer.  After realizing the amazing benefits of this I would love to continue to invest more into real estate!  Do you have any advice on the best ways to get approved from the banks with a seasonal income?  I'm currently looking to purchase another vacation rental, or a multi home that my significant other and I are willing to do all management.  I'm extremely blessed that she holds a Northwestern degree and is a professional photographer and marketer  ....believe it or not this is my passion above baseball.  

From the research I have personally done it seems that my only options are partner investing such as peer to peer funding.  Are there any other ways? I'd love to hear your thoughts.  Thank you all !!!