All Forum Posts by: Jonathan Treichler

Hello Mamadou, welcome to BP! I'm a rookie investor myself. I think the best advice I can give right now is just don't give up. There will be obstacles, but there is always a way. I have to tell myself this all the time. The market seems too high, financing is hard to get, the list goes on... but keep networking, let people know your goals, and stay focused. 

Continue to ask yourself, "what is the smallest next step I need to take towards reaching my goal?"

Thanks @Hannah Krebs for the detailed info! As a young new investor, this was extremely helpful!!

@Austin Hunt I'm in the same situation as you when you posted this. Any update? I'm trying to find a loan for my first property.

@David Barnett I have heard how hard it is to find a good GC, so hopefully in a year, I'll be able to be that guy. I'm not there yet, still learning the ropes, but it's exciting to know there's great opportunity out there.

Thanks everyone for your input!

UPDATE: I met with @Tim Swierczek last week and I highly recommend any new investor to chat with him. I learned a ton. Thanks again Tim for meeting with me!

@Tim Swierczek thanks for reaching out, and thanks to everyone who has taken the time to respond. I appreciate the feedback! I'm a strong believer in "if there's a will there's a way." I have a few friends who are interested as well, so I might be able to work with them to go in on a deal together? It is my understanding that going in together on a deal is something different than cosigning on a loan... Correct? If bigger pockets has taught me anything so far, it's that there are always options. Sometimes you just have to be a little creative. 

Tim, meeting up would be great. I'll send you a message with more details.

Hello Bigger Pockets!

I have just begun my real estate investment journey. I am 26 years old, living in Minneapolis, Minnesota. I am looking to buy my first property in Minneapolis within the next couple of months. I have some savings, and would like to implement the BRRRR strategy, being a live-in landlord. I am just beginning a career in construction management, likely to get my General Contractor's license within the next few months. I am currently learning the ins and outs of general contracting/construction management. Our business goal is to build new modern (contemporary) homes for the middle/lower class. Most will likely be multi-units. Now onto my question...

Because I was traveling for the past 18 months or so, my tax returns don't look good to a lender. No full-time job in the past 18 months.. I am now a 1099 contract employee. Getting a loan from a bank is going to be difficult. I do have a good credit score, and no debts, but I'm pretty sure I won't qualify for anything from a bank. Maybe I'm wrong, if so please correct me. I'm working to potentially become a W-2 employee, but let's say that isn't an option. What other routes would you advise I go to get a loan? I'm looking to put no more than $20k down for a house up to $280k (less than 10% down). I'm also worried that hard money is going to have high interest rates that won't allow my property to cash flow. 

Thanks! I look forward to networking through BP!