All Forum Posts by: Jonah White

@Pat Parrillo A lot of great and constructive information in your reply, thank you for that! I often forget that soft credit pulls are a thing. It'll definitely be a question that I add when talking with potential lenders. As you pointed out maybe taking the next couple of months to learn even more about this venture would be beneficial if it was something that had to happen. Thank you again for the motivating message. You've given some great insight!

@Justin Marshall 

To clarify why I don't want to run my credit yet -

When I first turned 18 I went to a car dealership to purchase a car, of course just starting out with no credit they ran my credit over 35 times with different lenders. I learned a valuable lesson at an early age on this one. Every time I've had my credit ran since it's dropped nearly 20 points. I've been hesitant to run my credit for anything to say the least, considering that I've had to take a 500 beginning score to a 700+ score in less than two years with no history.

I initially started with my primary bank. After 3 minutes speaking with someone they asked for my social over the phone. 5 minutes later, when I asked the questions I needed to, I found out that I wouldn't be able to qualify yet and she wanted me to comeback in a year. I don't think it would have made sense to have them pull my credit at that time. This is my problem with the lenders I've talked to. If I can take 10 minutes to explain my situation and the lender says everything looks doable then I'd have no problem giving out the social. 

Purchasing something on contract isn't something that I've looked into a lot. It's a great recommendation and something you've gotten me to consider. I'll be sure to do some research on the subject. Thank you for the help! 

I've been doing everything I can over the last two years of my life to prepare me to buy my first property this year in 2018. From the day I turned 18 I began creating credit for myself to make this happen. My short term goal is to purchase a duplex and house hack it for the first year until I'm able to purchase another next year. Over the last year I have saved the cash for a down payment, have been reading plenty books and articles, listening to countless podcasts, and have finally started reaching out and creating connections with other local investors. I'm know that I'm ready to buy. I know that this is the next big step in becoming financially independent. 

The current issue I keep running into is that I work a base pay (12/hr) + commissioned (avg 8/hr) job the bank is requesting a two year employment history. I currently have a year and a half total with the same company. The Friday I graduated from high school the following Monday I was already working full time in sales, so I could get started as soon as possible. 

My question is what can I do to get my first deal funded? I have excellent credit, 10K in cash saved and $0 in debt. I'm not wanting to buy a whole lot of house, only about $100,000 or possibly less for my first deal. 

Is there a way to just use my base pay of $12/hr to qualify now?

Would one and a half years of employment history be enough to use just the base pay of $12/hr? If not, could I use the case of being in high school for the other 6 months of that?

What can I do to get this ball rolling now?

Is my only option to wait until I have two years of history?

I'm getting itchy to pull the trigger and invest. I've spoken with a few lenders locally and I've noticed that they've had less of an interest in helping me when they find out that I'm 19, don't have 2 years of history with the commission, and don't want to give them my social to begin qualification. I feel stuck and don't know where to go from here to get this going. Any advice is gratefully appreciated. Please let me know if additional clarification on anything is needed.

I'm in Milwaukee, WI.

@Brad Spencer Any chance you remember what podcast you listened to about Brie investing in Milwaukee? I've trying to put together a list of some better podcast to listen to and would love to know!

@Mike Lowery Do you do a lot of investing in the Milwaukee area? I'm just getting started in Milwaukee and am looking to create connections with other like minded people. I would love to know more about your previous deal and findings!