All Forum Posts by: John Giamundo

well friends, so far i have only spoken to the one mortgage guy. He claims to be investor friendly, but I don't know him, so who knows. @Ryan R. I don't know what you mean. I'm certainly not going to put my family in a weird situation or anything like that. Do I want investment property? Sure do - as long as its a good investment of course.

I live in NY, I own a home that I live in, and it has a decent size mortgage as you can imagine. I was looking out of state for rental properties, in a particular area, looking to make contacts to explore the feasibility of doing it there. I started talking to a mortgage guy and I pretty much feel like i'm screwed now. The basic requirements as some of you may know are as follows (simple single family res.) 20% down, credit 720 and up, DEBT TO INCOME RATION of 36% or lower. I make a decent salary. I just have NY expenses. I'm pretty sure I am out of the game. So frustrated.

I have one other thing to add, there is something missing from this conversation. That is, that you said you have $700 to your name. If all you have is $700 to your name as of yesterday, then one of two things is definitely true - you need zero dollars for your daily or monthly expenses because they are somehow being subsidized, which makes me wonder if you will have more than $700 as of next month, or worse, that its not enough to subsidize you and you will have less than $700 next month. or 2 - you have real expenses and no subsidizing which is going on which means you probably already have less than $700 left. In any case again - the answer has to be that you need something that pays you NOW, on an hourly basis friend.

Ricky, I have to agree with everyone here. Get the GED. And with regard to the band thing - thats great that you have skill, but I have to point out, being a successful songwriter, or band is really, REALLY hard, and honestly, unlikely, even if you are ten times better than you actually think you are. Even Led Zeppelin needed to have the right connections before we got to hear Led Zeppelin. I'm not saying don't try it, but what I am saying is that this, just like the wholesaling, and real estate investing in general are the sorts of careers, or investments if you will that will not likely pay off for you in the more near term future, which in my humble opinion it sounds like you need more than anything else. Sometimes we have to do things that we do not necessarily want to do - as a stepping stone to get to where we want to really be. And as for your family being in bad shape - remember - you can't help them, until you can help yourself.

David Beard,thanks for your insight on the paydown issue. I appreciate it. And with regard to your insight into the othe issue that i did not expressly bring up, you are right though, this is my second biggest dilemma in how to get started is how do i go about doing it when i am on this expensive island. I think ultimately you are right i'm pretty sure the only ones around here making it are the flippers, and I am more of a buy n hold kind of guy. I would do flipping if i had the right qualified team to make it happen, but I dont think i have that at this point.

Hello all, one of the things i am wondering as I contemplate how to prepare to get involved in the real estate game is getting a mortgage for an investment property while i already have a hefty home mortgage. I live in NY so everything is expensive. My home mortgage is pretty big, and I have student loans that appear as if they will never go away. I also have some credit card debt. Would I be better served looking to attack my student loans before my credit card debt or does it not matter for mortgage application purposes? A strict interest rate analysis would make this issue a no brainer, the credit cards bear heavier interest burdens. A strict emotional analysis would have me attacking the never ending student loans. But I dont know if the analysis changes when considering future investment property. Love to know what you all think, or if I dont make sense.

i'm out on Long Island, and not yet in the game basically for the same reason.

Hey Martha! Checking in from Long Island over here. Im new too, and i don;t think i was in your class, but I took the 3 day as well. I decided not to spend the many thousands of dollars on the additional training. Instead I also stumbled upon this site, and so far, I have found this very rewarding. I'll see you out in the field.

well thank you all again, you've given me so much more to think about, and I really do appreciate that. If I choose to enter the real estate bsuiness as a wholesalor I don't intend on doing so without being properly prepared to be successful, and this conversation has really helped me sort out in my mind the things that I still should look into if I am going to go the wholesaler route.

well thanks again, you've given me so much to consider. Jerry Puckett your first version of your response was probably so well written that it caused bigger pockets to go down before. :)