All Forum Posts by: Joe Carraway

George Carnicle Yes, I am moving from Jacksonville, Florida to Ann Arbor, MI. I am looking to buy my first multifamily home in Ann Arbor or Ypsilanti.

Hey everyone. I have been learning the business of real estate investing and waiting anxiously for my chance to start my own portfolio. I have been pursing an engineering degree since I got out of the navy. Currently am transferring to the university of Michigan from Jacksonville, Florida to start my third year. I would love to buy a multifamily house when I move in jan or shortly after. I would live in one unit while renting the others. Although I have not applied for a mortgage yet, I think my chances are low because I will only have a part time job, bah through the post 911 bill, and a small amount of disability for income. Any advice on my situation is greatly appreciated, thank you. also I am hoping to hook up with a realotor who is familiar with the area and can help my situation.

Thanks for the information Trevor. I'm not sure if i can ask this on this site, but do you think the lender in my area would consider loaning to my specific situation? Also, do you have any experience with the bigger private lending companies? I feel as if they are more or less a scam in the end.

This is my first post as a member here on bigger pockets. I was hoping to get some general information that could help me purchase my first rental unit. I have been interested in rental units for a few years now and I feel that I would not be able to qualify for a mortgage ( I was hoping someone would help me find a way around this huge obstacle). I am 26 years old and am currently going to school full time to be an engineer. I served four years in the military and am using my post 911 G.I. bill for school. From my understanding, lenders will not count this money as income towards a loan. I am currently in an internship for the summer and will be back in school at the end of august. I would like to start investing in real estate rentals as soon as possible for obvious reasons. Is there any other way I can obtain a loan with my post 911 money counting as income (I also collect 250$ a month disability). I have two properties in mind, one is probably far out of my reach as it is a 5-plex for 280k with about 700$ cash flow being extremely conservative and another that I feel is more realistic for me as it is listed at 100k with two houses on site with about 400$ cash flow (conservatively again). Is my only option to wait until I graduate and secure a job before I can get a loan, or is there something else I can do. Any help is greatly appreciated. Thanks

Joe.