All Forum Posts by: Jarrid C.

@Kyle & Steve - It is crazy how they come up with these rules to not lend a person $ to purchase a home or to be an investor in a community. Banks throw $ at you when you want to purchase a car, even if you cant really afford it. Not to mention it is a depreciating asset when a home is appreciating; in most cases. Making it harder to achieve the Dream of home ownership.

SMH, I've been approved to purchase vehicles that I had to business being qualified for. Fortunately, I had the wits to let go my pride/ego and walk away from those deals. Which in turn allows me to sleep easy.

@ Karen - Thank you for your response. I have every intention of taking care of my credit.

I am not sure it would matter in a cash purchase, as I am not trying to finance these types of properties as they are very low priced. As I been told, banks will not finance anything under 50k.

How true that is, I do not know.

Are you suggesting that it is not possible to address the credit situation and acquire an investment property?

@Ramon - I really do appreciate your detail. I sent an invite to make you a colleague. It is my understanding that you have to accept that before any PM's can be shared.

Hello all! I am currently in the starting process of trying to get into the game. I am a newly wed and I have just transition into my profession as a school teacher. I am currently renting, not in position to buy the home we would want.

However, I am considering purchasing a home in the near future as an investment. Because of my student loan dept and some issues I've had with private loan lenders, I will have to make a cash purchase. Which is fine, but limits the amount of house I can buy. With that said I would be looking to buy in some of the rougher neighborhoods, (gotta start somewhere).

So my question is; what should I do and would you buy properties such as these:

http://www.zillow.com/homedetails/9086F-N-95th-St-F-Milwaukee-WI-53224/40387080_zpid/

http://www.zillow.com/homedetails/2481-W-Locust-St-2483-Milwaukee-WI-53206/2128953711_zpid/

http://www.trulia.com/property/3088337618-1914-W-Vienna-Ave-1916-Milwaukee-WI-53206

http://www.trulia.com/property/3073588055-2468-W-Vine-St-Milwaukee-WI-53205

As far as asking what I should do, what are the first few things you look at when you say is it worth it buying? I know you always look at the cost of repairs and how much work it may need. I am more so asking, how do I know how much it should rent for? Is it worth the asking price? How much do you budget to get the property to be move in ready, (these types of properties cant be the nicest house on the block).

Those are just a hand full of questions. Pleas help and guide me. My goal is to do something in 1 year from today, I'm sure between working and income returns I can buy something straight out for 9k - 15k. I have also been told that lenders wont do a home loan for under 50k (IDK, how true that is, but a Realtor has said that to me.)