All Forum Posts by: Michael Cline

My brother inlaw bought a house in a friend's name since he is still getting his citizenship. The friend was a old man he worked with for over 15 years. The friend recently passed away and the house is in his wife's name. He is fine with it in her name but she is very old also so she added her son to the loan which he has only met once. He is afraid if she were to die the son would take the house. He owes $290k of the original $370k he bought it for 3 years ago. The comps in his area are about $450k on the low end. He wants to put the house in my name and pull some cash out to add a second bathroom and some small updates. He also wants to pull more out to invest in with me. So that is why I need to be able to get a loan in my name right away but have not been working w2 in 6 months.

@Jon Kessler the lender I asked said they can only count the rental income after having it two years. I just do not want to use hard money to get a home then not be able to refi it and get stuck in that high rate

I am searching for a property that I can brrrr. I have not been working due to Covid. I asked a lender if I could refi a home if I am not currently working but it has rental income and he told me no. My question is how do people brrrr as a main job if they need income to refi? 

@Michael Spine Thank you very much

@Sue Hough I know exactly what you mean. My step dad is an engineer and I pulled building permits for over 5 years for him daily. When I wanted to start my own company nobody wanted to work with me because I didn't have the education to back it up. There is nobody that can pull a permit better than me. They may have years of knowledge but zero on experience. 

I thank you for the tip @Dmitriy Fomichenko

@Mike Cumbie

I will, thank you.

Hello everybody, my name is Michael Cline. I am a new investor just getting started. I have been reading books and listening to podcast and it's time to start. I come from the auto industry where I was a manager working 70 to 80 hours a week. I have done construction for many years before that. I always wanted to buy a house and rehab it myself but just did not have the time in my industry. Now with Covid I have been out of work and nothing but time on my hands.