All Forum Posts by: Shawn Coverdell

Hi Ryan, welcome to the site. work, save and polish your credit. open account at a credit union. 2 is even better. then get a secured credit card for credit only! Charge cup of coffee once a month and pay it off immediately. Never charge above 30 percent of max card limit. Read up on Credit scores. Read, Read, Read. you will not only need savings, you will need credit enough to overcome your age limitations. Make yourself look like a good risk. Be that rare Mr. responsible and you will retire early. It is all about NOT doing what most others do. Your reputation will make you or break you like yesterday!!! 

looking for advice. applied for 5th and 6th mortgage from conventional Fannie/freddie compliant lender. been 3 weeks. called and was told should be no problem will have answer for you shortly. that was 1 week ago. no call, no email. Well established lender in area. He ran my scores and passed, but was so close that with the inquiry, my mid score will fall just below the 720 Fannie requirement for those first 10 mortgages if I go elseware currently. Excellent job income. 8 cash flowing properties. Savings, I am a pretty low risk. What gives?

Should I give up on this conventional stuff and dive into commercial loans? We work hard. I would much rather be rehabbing my next unit than typing on this computer. I am trying to be patient, but 2 or 3 units a year is all I can do at this rate. I need to get these last 2 units refinanced and move on. Just feel like I am missing something or doing something wrong. Would like to avoid hard money. Prefer to buy distressed for cash and BRRR. Advice in this area would be greatly appreciated.

Thank you all

I have a possible referral to put out there. A Friend of mine lost his good credit standing in battle with cancer. He is in the market for an owner finance deal or Rent to own set up in or around Portland. 3 bedrooms SFH for his residence. Long term renter and forced to move due to sale of home. 20K down. Prefers to live within 1 hour from city. Send me a deal for my motivated buyer friend. I am charging no fee just helping a good friend find a new home for his family.

Welcome to the site, you are definitely at the right location for information. I started out just like you are and now have 8 units rehabbed and rented. A good first step is to go straight to the Podcasts. spend weeks listening to them. Just go down the list.  Your plan will come to you. Meanwhile polish those credit reports and sock all you can into a savings account and do not draw from it. 

Good Luck!

welcome to Biggerpockets. I wish you lots of luck on your first deal.

I vote for tearing out the bull nose and bring it up with more tile. 

Think you. I am goiing over the podcasts. good stuff. Brandon, l like your article and video regarding 50% rule. excellent simplification. Having hard time making this work on SFH however. almost no flow.

Hi all! We are looking for mulit-family units to buy/hold. Have 1 duplex in Longview, WA that is flowing cash nicely. Offer in on a 4 plex in Longview, WA Also like Kelso, Castle Rock, Astoria Oregon, Seaside and surrounding areas. Live in Clatskanie, OR.

Ideal price approx 50K per unit. using 20% down conventional currently.

Have tools. Lets do this!!!