All Forum Posts by: Michael Martinez

@Andrew Syrios Also what range of credit score would you consider good enough for them to approve you for that?

Well I've been talking to a property management company who has good success renting homes in the area with a very low percentage of them vacant and new vacancies are usually filled with in a month so when I go to refinance it will hopefully still have a paying tenant. I just want to go into banks or call them and talk to them and have knowledge about what i'm trying to do it's hard to get people to take somebody so young seriously already had a lender cussing on the phone my telling me I was young and stupid and it was pointless what I was trying to do that its all bs and nobody can do that. Trying to avoid that want to have some knowledge about what I need to do so they will take me seriously being as young as I am. Any help is much appreciated or if you know of threads about this or any other places I can get information on it.

@Andrew Syrios Right now i'm staying with my mom as long as I can helps with being able to save money to put into this so the house will be purely a rental property. Thank you for your advice on this.

Also I see people talking of refinancing after 6 months is this a reasonable time or should you allow the property to season more?

And what types of Long term loans do you guys on here have to best luck with I've seen so many different kinds but the way I see it is 30 year=Lower payments but once you add to your amount of houses you can pay houses off much quicker. Is there a reason to go with a shorter Loan like a 15 year? 

@Brebt Coombs Its not that I have poor credit I just have no credit. I'm in the process of getting a secured credit card now with the bank to try to build my credit a little but up until I discovered real estate investing I was under the influence that i could be successful by just hard work getting all of the overtime I could as I've always been a little weary of credit after my parents had to file bankruptcy when I was 14. Realizing now that building a great credit score will make it a lot easier for me. And yes i know its not a get rich quick type thing it takes time but starting this early will definitely help me i'm hoping. 

@Andrew Syrios   Does the house producing cash flow make it easier to get it refinanced or are there anythings I can do to make the process easier? 

That's exactly what i'm trying to find out i'm curious how much success people have with this and how hard is it to refinance from a short-term loan to a long-term loan. Do you think their would be any benefit to using a credit union for this? I am able to use one that is local because of my parents serving in the military.  

Hi, My name is Mike I have bee reading the forums a lot going through all of the free offers and reading others threads to try to find an answer but I am currently trying to get into REI by buying rental properties in the Mobile,AL area. I'm only 19 I've been working the 9-5 since i was 15 and i already know its not something i want to do forever. I know i should post in the introductions first but I'm trying to go from the education to the doing right now I have several properties I have found online in areas recommended by property management companies that rent well and for a good price. Im considering a short term Loan through ether a hard money lender or a loan through my older sister who is interested in investing in Real Estate. Hard money loans have been hard to find between not having good credit and not having money to put down even for properties well under the 65% LTV for purchase price so any recommendations on that would be nice I keep running into dead ends with that and its very frustrating.

But my current problem is finding out how hard it is to refinance from a short term loan such as one of those, to a longer 15 or 30 year loan once the property is rented and income producing. Seeing as I have no credit i'm not sure how that will affect it but the properties I am looking at should have 30% equity in them from the time i purchase them. If the property has enough cash flow to cover the payments and I keep a 6 month cash reserve will a bank be willing to refinance to a long term loan? Any experience y'all have with this is much appreciated this is the only part I don't know about and cant find information on.