All Forum Posts by: Macy Stevenson

@Tyler Mullen It wasn't the big payment that made me decide to get another job and then run the numbers. It was the calculators that showed me how much of a mortgage I would qualify for. Which was around $15,000, not enough in my opinion, especially when I could get another job and qualify for double that. Making enough renting to then quit my job and focusing on college and REI is the goal yeah, but it can't be done if I can't get enough to buy a house to rent out.

@Daniel T Vo I'm looking to buy and hold, there wouldn't be any way for me to pay back the short-term hard loan, thank you though 

@Tyler Mullen  Thank you so much! Your comment lead me to calculators that proved to be very helpful, the results of said calculators made me decide to get another job or switch to full time. If I have to get a loan that has a occupancy requirement all other rooms would be rented out. I greatly appreciate your help! 

I’m considering just going to a local bank and asking my questions, I didn’t want to go in there not knowing what I was talking about, nor did I want to waste their time since I have a lot to learn before I invest for the first time, but would that be a effective way to get my questions answered? Anyone?

My tuition is covered by finical aid and it's a local college so no dorm or meal plan needed, and it's just my mother who is not financially well off, hence the financial aid, so no that's not really a option. That does remind me of another question I had, does financial aid affect affect applying for a loan in anyway? 

The mortgage payment is the least of my worries. I have no expenses besides maybe gas and food, and will not until i graduate. I live in the country so properties are rather cheap (admittedly I do have limited knowledge about the state of my market) and if i could qualify for one I'm positive I could find get at least a 3 bed 2 bath for a 400 or below monthly mortgage payment, which I will be able to pay even if I'm not able to find tenets. And if I do find tenets the cash flow would be saved for repairs/said tenets moving. I think pursing a degree (if it's needed by society or not) is admirable. I'm currently pursuing a Associates Degree in Business Administration. However my dream job is staying home to raise my kids, which real estate investing would make possible, the plan is to have enough cash flow by the time I'm ready to start a family so that I can be financially dependent without whatever job my degree gets me. Any help with the questions asked would be greatly appreciated.

I could use some advice. I turned 18 in April and shortly after become enthralled with real estate investing. I currently work part time, 15 hours a week at 9 dollars per hour. Since I've turned 18 I've been working on increasing my credit score, so it's has a age history of about 3 months, with my Trans-Union score around 700, and the Equifax around 670. In my research to learn about real estate I discovered that you have to make a certain amount and have worked for a certain amount of time (around a year i think I read, I've worked at my current job for a year but it's part time) to qualify for a mortgage, my questions are= 

Do I HAVE to get a full time job and work at it for a while before I can fiance my first real estate investment, is there no other way? I go to college full time so it's just another thing I'd rather not have to do unless absolutely necessary. 

Because of my measly hours hours I don't make a big paycheck, so I'd probably have to use a FHA, USDA, (Or whatever other loans with low to zero down payments that are out there that I just haven't learned about yet). If there is a way to qualify for one of these loans without getting a full time job (using my decentish credit score that i don't even know will even be countable for example) what would be the best loan to use, or at least what are some of them?

Will banks/lenders count my credit score as it is now (or in a few months) as legit and credible even though it's so young?

The ideal scenario is to take out a loan that doesn't require me to reside in it, since I'm happy living with my mom till i graduate, but also with a low down payment percentage. 

I know this was kinda all over the place, I got a little discouraged when i learned I was going to have to get a full time job and wait a year into that job for my first investment. So i figured I'd interact with the community even if it was just asking for advice.