All Forum Posts by: Max Bellino

Background:

My grandmother who is unfortunately needing full-time living care owns a three-family property and because she has this care now the state could take the property. My grandmother would want the asset to stay in the family and so do my parents so, they are trying to kick start my real estate investor career. I have enough money for the deposit, closing and could even start to fix it up. I would like to own this property in my own name and I would rather not have a co-applicant because they are already giving me so much help from selling the house at the tax-assessed value so the state can stay out of this.

The deal:
The cost of purchase is(tax assessed value): 460K
The appraised value is(from my dad trying to refinance but fell through with grandmother's credit): 650K
Rental income: 4.5k monthly (under market rent so with money to fix up the units could get 5.2-5.5k)
The home is fully paid off but we can't do seller finance because the state needs their money so my grandmother can be fully supported by the state.

The issue:
The issue is I don't show a stable income because I am 19 years old. And another smaller issue is my income being 40k a year and with the 70% of the rental income; I would barely squeeze by. Although, I have great credit (760) but all the mortgage brokers I talk to all say the same thing about those two issues! I know this could be a great investment if I could just get a loan!
Any advice is appreciated!

Hey everyone, 

Any advice for a 19-year-old with lacking employment over the past two years to get approved for bank lending? I have great credit and a great deal on a property. The only thing holding me back is showing stable income over the last two years with taxes, is what my mortgage broker told me. I would rather stay out of private lending because of the higher rates. Any idea of getting around the bank's approval process, for example, I can use 75% of the rental income and a co-applicant to help. But is there anything else that could help my citation? Willing to share more about the deal if necessary. Thanks!

P.S. Seller finance is out of the picture... I need lending. 

Hi everyone,

Using RentRedi for the application process for screening tenets, and seems to ask for lots of information. It asks for the past two years of taxes, the past two years of W-2 form, Employment letter, and pay stubs. I don't want to overwhelm the tenet because I had one person apply and say "This is asinine the amount of info needed". What do most investors need to see to make sure the tenant can afford the rent?

Thank you!

Hi everyone,

I've been trying to get into real estate for the past few years through my mom who owns some rental properties. I have seen her struggle managing these properties over the past years. That's when I realized I enjoyed this after helping her clean and work on the properties. It wasn't until this year that I through myself within her side hustle to show her what it could be for a full business. I started working on raising the under-market rent and switching to RentiRedi for easy tracking of the money.

As I'm trying to do this it seems she has almost all her properties in all separate LLCs. When I worked at a small real estate firm over the summer they had a few properties that were roughly 10 million dollars in one LLC. My point is, is it necessary for a way smaller portfolio to have 5 plus LLCs? I argue this because makes it a pain to transfer money for lacking proprieties. As well it cost her money from her cash flow. I completely understand why she does this as it's keeping every property safe from each other. Anyway, I am grateful for what she has done and glad she tries to keep these properties safe. Let me know what you think, I could be completely wrong to think this; I am still learning.

Also as a 19-year-old, I am looking for a mentor to help me as I am looking to buy my first rental property soon. Any advice on what I could do or go to try to make that connection would be helpful. Would love the input and advice for me and my mother as well. Thanks.