All Forum Posts by: Keith Rivera

Hi Stanley thanks for the inquiry. I actually am in the process right now of closing on 2 properties 6 units but what I did was able to get them owner financed. I put down $10,000 on a 4 unit building and $8,000 on the duplex.  . so that still leaves me with $12,000 that I can play with and hopefully get another property owner financed . 

What area are you looking to invest in Illinois? I'm from Illinois also Chicago land area . . maybe I can help

thanks for the replies. A real estate agent even suggested to me to pay back taxes for the past two years to show income and that way I would be able to qualify for a loan now since I would show taxes and income. Has anyone ever heard if this to pay previous years taxes to show income?

I'm interested in hearing the numbers and details!

Hello bp community I need your help and advice. So I am trying to get started in RE investing but and hold but my problem is I don't show any proof of income no w2's or 1099's . when I talk to lenders they will not lend without seeing last 2 years. I have liquid cash available that I can buy a property with but I will not be able to refinance to get my cash back. Please help and give me some advice or suggestions on what to do

Has anyone ever had a problem getting financing for a loan or a re-finance because of showing no earned income? I have liquid cash available but have been turned down for loans because I can't provide any w2's or show no earned income. I get paid cash from my job and I'm dying to get started in real estate investing. Any suggestions or advice please let me know

How did you guys finance all your deals? Brrrr?? Cash?? Other???

I also wanted to ask does anyone use special kind of leases with the section 8 tenants to protect themselves from certain things? I've been advised to check out the bulletproof lease by the guys that wrote the section 8 bibles. Has anyone used these or used certain types of leases for section 8?? Please let me know

Thanks for the reassurance guys!! I really needed it to hear from fellow investors in this particular investment. I plan on investing outside of Chicago also but in terms of the lower class neighborhoods in the deep city where the properties are really cheap, I want to go the section 8 only route. I think theirs good guaranteed cashcashflow potential. . . as long as I can handle the headaches which I'm up to the challenge. Like I said I can go in and repaint the place and change the carpet every turnover if I had to and I would be finefine with it. I've been rehabbing for other investors for 10+ years. Time to start working for myself :) 

Thanks Mark, I thought about that but I know those books are over 10 years old and the section 8 requirements and laws have changed over the years. I'm just wondering if anyone has experience with this only using section 8 as their investment???. I know many people have negative outlooks on it but I'm in a huge city where their is opportunity everywhere for this