All Forum Posts by: Jonathan Polanski

Hey guys I got about 250k in my bank account. I only made about 8k this year, I started my job in may (in the middle of the year) its 100% commission based, and my credit score is in the low 700's. I spoke to a lender about financing, but they said they will not be able to lend to me due to the fact I have low income. I want to purchase a rental property in FL Broward county. I want to purchase a rental property first then do fix and flips. 

I'm thinking about buying a property in all cash @ 80k I'll have a 10% cash on cash return (but a significant amount of cash will be tied into one property)...I was thinking with this property I'll do asset lending mortgage to purchase my second rental property. and with the rest (170k) I'll work on fix and flip deals.

This is the only idea I could come up with currently.... is this a good idea?

with a HML is it the same as a conventional loan? where you need to have a steady stream of income in order to get approved for the HML? I don't work right now, and I've never conducted a flip. How willing are they to lend me money for my first flip, all i have is 720-750 credit and 350k in cash.

Ok BP community, I'm 26 years old, and I recently inherited some money $350,000 to be exact. I'm in school for Finance. I have no income and a credit score of 720. little credit history. I live in NYC (with mom) so there's very little I can do with 350k in Real estate because the market is very expensive here in NYC. I am willing to move to surrounding areas where the market isn't so high. I'm also willing to move to a state or city where I can maximize my opportunity (Florida, Atlanta. etc) there's so many resources online that show you how to make money in Real Estate with no money. But there's people out there like myself who run into money and there's no resources for us.