All Forum Posts by: Melissa Howell

Quote from @Melissa Howell:

Quote from @Kerry Noble Jr:

It depends on what your strategy is.....if youre wholesaling then you dont need it but you can build it while youre wholesaling. Start working on it now and keep at it.......it takes time..... 

Well, I haven't decide. I'm still getting more info since I am a newbie to investments and I don't wanna bit off more than I can chew.  I would like to purchase a 6-8 unit apartment complex using the USDA loan for SFL. My plan is to evidently use the 1031 towards another multi use complex. I am hoping that could be done.

I'm still trying to grasp the concept of wholesaling. It seem like there is a great deal of misinformation and I don't trust going that route as of yet. I'm still researching on that.

Thanks, good to know.

Quote from @Nate Monson:

Hi @Melissa Howell If you're looking to use a 30 year conventional loan for your first investment your credit score will be looked at by the banks underwriters. So if you were looking to house hack for example your credit score would probably be looked at. 

If you're using commercial lending or hard/private money to do a rehab to hold or flip this is a scenario where your credit score likely would not come into play. These type of lenders are more concerned with the performance of the deal and the experience of the investor rather than your personal financial picture. 

 I would like to do commercial and I am searching for perhaps a 6 - 8 unit but I don't wanna feel over whelmed since I'm new to investment. I managed a non for profit organizations 8 unit complex for about five years therefore, I have experience. I'm still educating myself on how to proceed. 

Quote from @Kerry Noble Jr:

It depends on what your strategy is.....if youre wholesaling then you dont need it but you can build it while youre wholesaling. Start working on it now and keep at it.......it takes time..... 

Well, I haven't decide. I'm still getting more info since I am a newbie to investments and I don't wanna bit off mare than I can choose.  I would like to purchase a 6-8 unit apartment complex using the USDA loan for SFL. My plan is to evidently use the 1031 towards another multi use complex. I am hoping that could be done.

Thanks Hamed, that was good info to know.

Thanks for the heads up. To my understanding is that commercial is anything above 4 unit's, correct?

Hi everyone, I am so glad to be apart of this group. It is my goal to build my own personal empire for myself and children. I am a single mom that always wanted to get into investing but was not sure how to start. I have been paying down my bills (2 Credit cards, Student loan and auto loan) and I am current . Do I need a credit score of a certain threshold to start investing?