All Forum Posts by: Joseph Renteria

@Joseph Renteria, if you've been regularly saving, and already have say $30k saved in an account, you should probably ask your BANK directly: Do they have a COMMERCIAL Lending Department, whose job it is to look more closely at the "deal" you want to buy, rather than your already-owned assets/income? [If not, perhaps look for a Bank that DOES?]

I'm curious: where do you intend to buy property for max $130k that you'd easily prove can more than pay for itself?

Welcome to BP. All the best...

Thanks for your reply, Brent! I don't have an area in mind just yet - I mainly want to see how much I can qualify for and then I'll start searching accordingly. It will most likely be out of state.

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Originally posted by @Chris Mason:

Originally posted by @Joseph Renteria:

Hey Everyone!

New to the BP community and am so thrilled to of found it. As someone who is just getting into REI, I've already learned so much great information and plan to learn much more.

I want to eventually buy a rental property but am worried banks won't lend to me since I would be using my first property as a rental rather than living in it. I am also under the impression that banks want some sort of collateral to secure the investment loan, which I have none of since I don't own.

I'm 23 and don't own a house, currently renting. My DTI ratio is 23%, including rent. Even with a ~100k mortgage my DTI would be less than 35% while still renting. Credit score is 815, never missed a payment.

I will be reaching out to banks soon enough but wanted to see what you all thought of my situation and how likely it is they would lend to me.

Thanks! Any advice is greatly appreciated :)

Hi Joseph,

There's no rule that says you must own a primary residence before investing in real estate using traditional mortgage financing.

$100k mortgage says you're probably investing out of state. Find an investor friendly lender local to where the real estate is at. Good luck!

Thanks for the info, Chris! Much appreciated. Yes, definitely looking out of state - but still have a lot to learn before then. Is it common for investors that buy out of state to use lenders local to that area?

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Hey Everyone!

New to the BP community and am so thrilled to of found it. As someone who is just getting into REI, I've already learned so much great information and plan to learn much more.

I will be reaching out to banks soon enough but wanted to see what you all thought of my situation and how likely it is they would lend to me.

Thanks! Any advice is greatly appreciated :)

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All Forum Posts by: Joseph Renteria

Joseph Renteria has started 1 posts and replied 3 times.

Post: What are the chances of banks lending to me?

Post: What are the chances of banks lending to me?

Post: What are the chances of banks lending to me?