Quote from @Tony Lee:
Quote from @Maureen Simmons:
I've been a part of the BP family since 2018 and am finally tired of life on the sidelines so I'm getting in the game. I've identified a multifamily property but am still a little green when it comes to financing options. I have several barriers that won't allow me to go the conventional financing route (left my six-figure corporate job to do real estate full-time). I have excellent credit (high 760s) but very little money down (about $60K available on credit cards, $10K cash).
My affirmation: I will own my first multi-family unit within the next 30-60 days. Help!!!!
Thanks in advance for the advice... I am doing it afraid ya'll but I am so excited about building generational wealth.
Welcome to RE world where you will make a lot of mistakes and become an expert at it! Don't need to be nervous! I was where you were 4 years ago, now still going hard at the same time try not crash during this upcoming Recession. Haha! I have couple recommendations that worked for me, might not work for you. But feel free to follow or use it later down the road if you like.
1) Apply for FHA since you quit your job. FHA will finance up to 4 units as long as you live in one.
2) Find a partner and start an LLC
3) Find lender that offer DSCR. It's very simple, or you can look it up on Google.
4) Find HML.
Hope these would help you start :)
Hey Tony!
You rock! Thank you for chiming in. So glad to hear about your experience. Honestly, the response to this post has been amazing. I wish I had taken the leap sooner but there's no better time than the present.
I have a few questions about one of your bullet points. I will DM you.
