All Forum Posts by: Luis Montanez

@Danielle G. the way I got my first house was one near school (A condo in Puerto Rico that I have not been able to get rid of but still renting lol) but I have had it for 10 years and never made one payment out of my own money since when I lived there I rented out the rooms and when I moved out I have rent it out to law and medical students.  (this could be an option for you)

@John D. 6 months may not be required, I have not used them nor am I affiliated to them (so do your due diligence)  but Cole Taylor Mortgage (at Atlanta, GA) claims the following:

"We allow up to TEN mortgages per borrower, great rates, low fees, great service and QUICK turn around times! NO SEASONING REQUIREMENT for cash out or rate and term refinances. First 4 mortgages only require 620 credit score, mortgages 5-10 require a 720 credit score. 

Cole Taylor Mortgage LOVES INVESTORS:
• ?NO Seasoning Requirements
• ?620 Minimum Credit Score
• ?Up to TEN Cole Taylor financed properties allowed
• ?Extremely competitive rates and low fees
• ?FULL “PRE-UNDERWRITING” completed as a TBD property so once the buyer FINDS a property, they are approved!
Contact me for more information:
Michele Bledsoe/Cole Taylor Mortgage Investment Pro
678-735-7417-Direct
[email protected]
WE CURRENTLY ORIGINATE LOANS IN:
Alabama, Arkansas, Arizona, California, Colorado, Connecticut, Delaware, District of Columbia, Florida, Georgia, Hawaii, Idaho, Illinois, Indiana, Kansas, Kentucky, Louisiana, Maine, Maryland, Massachusetts, Michigan, Minnesota, Missouri, Nebraska, Nevada, New Hampshire, New Jersey, New Mexico, New York, North Carolina, North Dakota, Ohio, Oklahoma, Oregon, Pennsylvania, Rhode Island, South Dakota, Tennessee, Texas, Utah, Vermont, Virginia, Washington, Wisconsin"

see there profile at LinkedIn:

https://www.linkedin.com/company/cole-taylor-mortg...

@Danielle G. $35k for two years of school??? wow.. I did 8 years above high school and incurred $0 in debt... How to do it? join the military and acquire experience during your service time. 

The point is, ask your self; How can I go to school and not incur little or no debt? options are to: study overseas, apply to grants, work for a company that will pay for your school, etc.

About real estate, in my opinion you can do both, you can study what you want and do real estate on the side. 

Another option is to get a job related to real estate to learn wile making money.

The good thing is that you are in the right place to start networking and learn a strategy that will guide you to where you want to be in life.

@John D. It all depends how fast are properties appreciating in your area, to give you an Idea, look up your property address in websites like zillow.com or neighborhoodscout.com.  In general banks will not lend you more than 70% of the property's market value.

In summary, based on basic economic terms, It all depends on supply and demand for housing in your area.

@Jerome Thornton  the first thing to do is to watch your words... when you say "I have no options" you are limiting you subconscious mind of coming up with the answer you need to find a solution to your road block.

First start with telling your self "how can I fund my deals?" and this will open your options.  To point you in the right direction copy and past my last question in the search box above, and you will find thousands of threads to answer the question.

What would you like to  hear from a real estate investor if it was you needing to sell one of your houses?

Put your self in their shoes,

The first step is for you to find out what is their expectations: (examples)

Tell me about the property?

Why do you want to sell?

what expenses do you currently have?

What do you expect  to get for the house?

Who did you come up with that number?

What is the lowest you lowest you will sell if I pay cash in 7 day? 

By then you should know if they are motivated... if they are not motivated do not spend much time,   but let them know that you will always be their plan B.

The goal is to identify the need and then cum up with the solution to solve the problem, that is what every entrepreneur does.

thet could be zero if you do it from your house and on your  own or $1.5 million dollars if you operate out of time square NY with 400 people working for you

add value for both

to my understanding you can only have 2 homes using VA loans. And each can not be less of $150k (I could be incorrect on that). In addition, every time you re sell to a non veteran you total VA benefit decreases. If you want to use the VA loan I advice that you use a fourplex (live in one unit) the get in another fourplex in a year or two.

in every market there is always opportunity, just educate yourself to be a shopper and not a buyer (unless opportunity presents).  In Evert market there is always people moving, devorceing, dieing, going bankrupt, etc. And this creates opportunities to solving problems while making a profit.