All Forum Posts by: Lenny Wilbourn

Thank you; that clears it up and at least i am not left wondering anymore.

So i have spoken with two brokers in the past three months, i had a very hard time getting the first guy to call me back, he missed appointments, didn't return emails and just left me high and dry. I almost gave up but then tried again this week and got on the line with a lender from a unnamed company in AZ Monday and ran through our numbers, ran our credit and we set up an appointment to speak today. he was no show, he didn't call, he didn't pick up when i called both his cellphone and office number and has yet to return my email.

So i turn to anyone here with knowledge to let me know if i just don't have what it takes to get approved for a loan and they just don't want to tell me or have i just run into to lazy people that didn't want to help me make money.

our run down

Credit between 630 and 650. Income: about 45K a year, debt: student loans of 85K (both deferred)between the two of us,  truck loan of 22K, credit cards with 1,500 debt with 10,000+ in leverage available. We are looking to buy a multi family that cost at a max of 150k with 10K in cash to put down. 

So are we just unfundable when it comes to getting a loan in AZ and no one wants to tell us or what? help cause i'm starting to feel defeated over here....

Thanks.......

Hey there Methuselah , i was born in CA and worked in Van Nuys for years, i worked off of hayvenhurst next to the airport. Anyway i too am just starting out after sitting in the shadows of the site and watching for a while, difference is i left CA for AZ a few months ago.

Good luck to you sir....

So at this very moment i am awaiting a call from a loan guy to get started on my first step and the idea struck me; should i have already had my llc set up and ready to go so that i could do the loan via the llc? Can i transfer my duplex/triplex at a latter point into the llc?I'm looking at buying and holding all of the properties that we acquire and since we will be using FHA loans we will have to do them a year apart as we will be living in each one a year.

This is my first property, first loan and my first step made towards getting into investing ( and my first post).