All Forum Posts by: Mike U.

You need to talk to a lender and create a plan, it might be a 12 month plan that requires your wife having w-2 income on your 2023 tax return and you having the same employer, pay off any bad debt that you have (basically any debt that's not your primary residence), this will help your credit and DTI. After you file your tax returns next year you might be ready to take out a HELOC on your condo and/or buy a new primary residence to move into, if you keep your condo to rent out long term they should be able to count 75% of the rent to help you qualify for the house; and honestly it might have to be another condo before you get to the house, but talk to a lender they will help you develop your plan. I know a year sounds like a long time, but even if it's two years you will look back and be glad you made a plan, a lot of people have a dream of owning rental properties but they never make the plan.

Thanks, brother. Does my wife need a W-2 job for sure? Is there a way to do this without my wife having a W2?

If you're planning to do a conventional loan then typically yes she would have to have a W2 to show income since the main thing for a lender is going to be qualifying your DTI. The lower the DTI the less possible risk. I have a broker I've been working with for many years in CA that is really good at coming up with "creative" ways to help you get qualified. If there is a way he will find it and if there isn't they he will tell you straight that there isn't anything he can do. If you want, shoot me a message and I can put you in touch with him.

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San Diego, California

I use DocuSign and love it. As a signatory you don't pay anything. Only if you are the one sending/requesting signatures on documents. Very easy and user friendly.

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I would like to know the same. There are a few that I have been doing my research on for a little while, one is Memphis Invest as mentioned above. I shall let you know of any updates on my end.

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@Dennis Santa Paula PM Sent

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Hi Eric, I too would be interested in the same, however as Breon said, I would be leery of those people charging you to be a mentor. For me personally, I've been reading a lot of posts on here, getting to know some people and see what they have to say. I am pretty well versed in several aspects of real estate as it is but have not done a fix and flip or BRRR yet. Definitely one of the biggest things to do is get as much information as you can and properly analyze not only the property but also the market. Someone I know just lost out on a deal because they weren't thorough enough. Purchased a home and rehabbed it. Appraised for what they hoped for but sat on the market for months on end til then ended up dropping the price and taking a loss after was said and done. Some food for thought.

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All Forum Posts by: Mike U.

Mike U. has started 1 posts and replied 25 times.

Post: Looking for pro advice/mentoring on next steps

Post: Anyone use Docusign or similar?

Post: Turnkey Rental Providers

Post: Turnkey Multifamily providers

Post: Mentor/Apprenticeship