All Forum Posts by: Jesse Gargus-Smith

Hey guys, thank for the interest! First, @Nick Watkins, asking price is $55k, but I think $40k is a good offer, I'll be willing to pay $45k. I think a $10k-$15k rehab will bring the ARV up to around $85k-$100k. The end goal for this property would be a first rental property for my portfolio. I can't seem to figure out how to send PMs, maybe on a desktop I can figure it out.

Hey guys, I'm a new investor trying to get in the game. I've been talking to REAs and my bank and trying everything I can think of for a couple deals but they haven't worked out yet. I've found my next deal that I want to work, it's a duplex that needs a good about of rehab and a roof, but the price is right and I like the numbers (which are just estimates for now). My thing is that my credit isn't great, so getting a mortgage would be almost a miracle right now, and for rehab and a roof after that seems way too far away. I just listened to this weeks podcast and I want to see if anyone would be willing to partner on this to get me started. I'm not entirely sure how I want to structure this, I guess you would have some knowledgeable input on your side that could be mutually beneficial. There appears to be a lot of opportunity for equity in this property, maybe we could work out a buying out after a refinance? (Like they mentioned in the podcast). Or just some advice on creative financing would be cool too. Any help is appreciated!

@Chad Brizendine, did you ever find a mentor? Or do you have more experience and would be willing to mentor someone else?

@Patrick O., while I do have some marks on my credit, the reason my credit is so low is because I have less than five accounts open, and my credit history is less than four months old. The marks on my history are from medical bills and a couple utility bills in collections, which I am disputing and attempting to rectify that. What the mortgage lender specifically told me was that they are looking for at least one seasoned account, and a higher credit score. I was advised to take out a credit line with my bank, and possibly add more to my installment loan balance because that is also less than four months old, and will soon be paid off. I am not a fan of debt of any kind, and I maintain a lifestyle where I am able o live within my means. Trust me, I'm not thrilled about my plan either.

Hey, thanks for the replies guys! Sorry I don't get back until late, I work third shift so this is my awake time. But I talked to the agent today, and he said the seller also has a duplex and he may be able to come up with something creative for financing. Not bad, a good alternative. Although, obviously, the fourplex would be a better option. I am meeting with the agent on Wednesday, to run the numbers. Is there a place on the forum for people who are looking for JV opportunities? How would a JV work favorably for both parties? Would I be able to work it out so that I would have the option to buy out the other party after a certain period of time? Sorry for all of the questions, but I'm want everything to be crystal clear for me and structured the best way possible.

So just last weekend I found a steal on a fourplex that would be a great house-hack. I called the REA on the deal, the seller had FHA financing available, would be willing to do renovations before closing, and the agent said we could probably get it for $20k less than list. The REA gives me a number for the mortgage company, I call them and give them my information. Now I know my credit isn't great. Less than 600, more than 500. I figured there would be a larger down payment on the loan, which is fine, I'm sure I could figure that out. I get a call back from the mortgage company, they pulled a credit score that wouldn't qualify me for a loan. Right after mentioning my low score, she says "Call us back in a year." A year. I have been humming and hawing and reading about investing for years with an "S". Now I'm supposed to wait a year for my credit to build before I can jump on a deal?? Is there anything I can do to still make this deal happen? I don't know if my bank would give me a conventional loan without having 20% down, and I definitely don't have that right now.

Also, maybe some creative ways to come up with a down payment would be cool. I'm banking on 10% down with an FHA loan.

Okay thanks for all the help guys. I'm going to have a a lot of questions. I've found a 4-plex that I'm interested in, have yet to actually look at it. I found it on the MLS. Now when I'm pre-qualifying for a loan, my TU credit score is 555, and my Equifax is 583. Should I put down that my credit is below 580? Or hope that my Equifax will help me out?

Jim Blackburn, should I put an offer on a property I've found before qualifying for a loan, or should I apply for a loan with the amount I have in mind to offer? Also, if I go to rate.com and I'm looking for an FHA, should I click purchase or pre-qualify? Maybe I should ask this in a different thread, or message you, but I didn't see an option to send you a message.

sorry double post. iPhone app is giving me hell.