All Forum Posts by: Liz Mojica

@Amy Beth  I am aware that if I move out of state, a PM would be something I need to consider.   Thank you for the advice :) 

@Victor N.  Thank you for your reply. 

Yes, I am open to not only advice but for the hard truth. Investing is something I've never done and I understand that there is a reason why the banks are saying no to certain options. Also, I know that the experience of the BP community will help me avoid taking wrong, mistaken or quick decision that in the long run will not benefit me at all.  

I appreciate taking your time in this detailed response and I appreciate you being honest. Thank you. 

So to answer some of your question.  

First, there is no excuse as to why I chose to live in such an expensive apartment. I started living with my cousin for 4 months, things go rough and I had to move. Back then, it was a very bad decision to not wait until something cheaper was available. 

Now, my student loan is in "Pay as you Earn Repayment Plan".  So, since I wanted to save for a house down payment, I think it was best not to pay anything for one year. But I guess is not too smart of an idea.  I will look into that podcast to find out more on what to do.  For the repayment for 10 year my payment plans will be approximately $2,300 per month. 

Then, aside from my student loans, child support and the cars we don't have any standing balance in our credit cards because we worked on paying them off in the last 6 months. An our credit scores are in the 700's. 

But, I am not going to get discourage and will continue learning until I can give the move to buy a MF.  

Once again, thank you for your response. Sometime as you said we need to listen the harsh truth from someone else.  

@Jeremy Wickens, I have not explore that option. I will have to look into that, to make sure it's allowed in CT. 

And thank you for the suggestion, that's why I'm reaching out in the forum to learn different ideas!!  ;) 

@Jaysen Medhurst, indeed, I which I read Rich Dad Poor Dad before going to grad school. (side note)  at least I love being a pediatric Chiropractor!  :)

So my husband has $750mo in child support, a leased car and roughly 7K in student loans as well...  He's income is 40K a year. He has also not been able to qualify for a loan. 

@Jaysen Medhurst  I have spoke an ran the pre-qual with 4 different lender (2 banks and 2 credit unions) pretty much all landed in the same conclusion:  my debt to income ratio is too high. Either on my own in the mortgage or with my husband a co-borrower. 

• Yes the debt to income ratio is to high. 
• My student loan is $200k and my income is $48k a year.  I am not making any payment to my student loan at this time because of my low income.  Other debt one leased car $283 per month. Savings : $8k 
• For now is ideal Meriden because is closer to both of our work areas. and the less expensive town in CT with regard to our work as well.
• I want to be able to move back home (Puerto Rico) with a good income as the economy there is terrible. Which is why I believe a MFR is ideal for short and long term. Plus I want to have more than one or at least two within the next 2 years.

Good morning everyone!  

I've recently started the venture of real estate where I'm looking to buy a multi-family property to avoid paying a $1,350 monthly rent I've been paying for 1 year. To me it's time to move on and start generating some cash flow.  I am struggling with conventional financing because of my student loan (roughly 200K). 

The properties around the area I live are between 100K-200K and rents vary from $900-$1,800. I want some advice on what my next step should be to find other options for financing. I love reading, so any book advice is welcome.

A brief explanation of what the lenders have told me so far.  

#1- I do not qualify for the first time home buyer program or FHA loan because of my student loan.

#2- According to them I do qualify for conventional loan of $140K with 3% down but ONLY for a single family home (reason why I don't feel this is right for me is because I want to move out of state after year 2 and I also need a place to live. 

#3- Other option is for $140K with 5% down, 6 month reserves plus closing cost.  (I don't have that much in hand at this time) 

I've read and listened to the webinars and podcast regarding the creative financing. But I feel that I don't know where to start.   

Oh wow, good to know.  I'm assuming there are qualifications for that however, it's great to know. We are actually going through the process of pre-approval together, but if the case is that it might be more beneficial to do it separate, I will try that route first!!  

Thank you @Alyssa Dyer

I am not making payment for this year. I qualified for the Pay As You Earn repayment plan and that is in a yearly evaluation based of my salary.  

I will appreciate any assistance with contemplating the best option for us in our first investment.  

Hi everyone, 

A brief story of my current situation. 

I graduated a year ago from New York Chiropractic College and I'm currently working as an Associate Chiropractor in Connecticut. As you must imagine, I have roughly $200,000 in student loans...  

So, that being said, I want to start in the real estate investment journey with a multi-family property where my husband and I can live for at least 1-2 year (Eventually we would like to buy at least 2-3 more multi-family properties short term).  Now, aside from the fact that I could get more creative with the financing options, I want to explore the loan/mortgage option first.  Multiple lenders have told me that because of my financial situation (my student loan) there is no way they can approve me for anything other than the Conventional Loan.  

How smart/effective will my investment be if a do it through a Conventional Loan? 

Will I be able to buy another property in short term if I do this option? 

I appreciate any constructive comments, guidance and help. 

Liz