All Forum Posts by: Michael Hammer

Hi joshua. Thank you for reaching out. I am still working through this with my original lender and owe it to them to try to give them a chance to get me an extenuating circumstance exception. I will know by tomorrow if that is possible. If it's not possible, I will reach out to you to explore other options. Either way I would still like to touch base with you for possible opportunities in the future. Thanks again. MH 

Thank you for the info David. Any other reasonable loan options. I thought Fannie and Freddie loans were only a 2 year window?? 

I have my first deal under contract and after being pre-qualified with plenty of income and zero debt, I may have hit a roadblock 3 weeks before closing. I went through a divorce where my ex thought it would be a good idea to withhold her income contribution to our expenses which caused me to have to short sell the home. It was finalized in January of 2020. I understand FHA loans require 3 years though I'm hoping the extenuating circumstances will be accepted. Just curious to know if I have any other realistic options. I would hate to lose my first deal on a bummer technicality. Thanks in advance.

Guys-

Thank you for your help. I appreciate the time, effort, and thought you put into your responses. Enjoy your weekend.

Joe-

Thank you for the quick response. Would you be opposed to sending me one to look at? Thanks.

Hey Everyone-

I'm just getting started on my business plan and read some great articles and outlines on the site. I'm curious if anyone has or would share an actual plan so I can kind of get an idea what the finished product looks like? Any help would be much appreciated. Thank you.

I appreciate your quick responses. Do you know if the HML's on the BP site have been screened or are they just advertisers who's credibility could be questionable?

I have been a member of BP for a while but this is the year I jump in, and the first time posting anything, so be gentle. I am in the west suburbs of Chicago and looking to begin investing in real estate by buying homes that can be quickly flipped, or held and rented if the cash flow works. My problem is getting capital. I can't use a conventional loan because I lack the down payment necessary. I would like to get a line of credit to start but my only substantial asset is my IRA.

I've been in the construction industry for 30 years so the rehab work doesn't phase me. I plan to be conservative and start small so the mistakes are smaller. I have a network of people that will help me find the deals and either sell or rent them when I'm done. I just don't have the capital to get started. I'm looking for advice on what my options are without selling my soul to the devil or getting in bed with a scammer. I appreciate any help you can offer.