Skip to content
×
PRO
Pro Members Get Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
$0
TODAY
$69.00/month when billed monthly.
$32.50/month when billed annually.
7 day free trial. Cancel anytime
Already a Pro Member? Sign in here
Pick markets, find deals, analyze and manage properties. Try BiggerPockets PRO.
x
All Forum Categories
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

All Forum Posts by: Paul Christian Mendoza

Paul Christian Mendoza has started 3 posts and replied 7 times.

Post: Looking for a private lender

Paul Christian MendozaPosted
  • Posts 8
  • Votes 0
Quote from @Chris Seveney:

@Paul Christian Mendoza

Based on what you mention, having a family and where you are at financially - I would not be buying a property. I would focus on family and getting your current finances settled and adjust to having an additional child

I know people want to make more money etc but I would look to something else and not real estate at this time as if it goes wrong - you don’t want to get totally wiped out.

It’s a long term play.

We’ll that’s why we’re looking for a personal lender, banks as of right now see the hard hits, as of right now it’s a waiting game but as far as financing , all 3 of us bring in good profit just as far as our jobs, we’re just ready to invest but the credit hits is what’s been holding us back, I guess it’s a bit of inpatients, I appreciate your concern about my finances and my family but we’ve been blessed and and are doing financially great, I brought up the kid thing because during that time was when we were struggling and I took some hits on my credit, as of maybe a tear and a half ago we’ve been great and  just trying to make the next move. 

Post: Looking for a private lender

Paul Christian MendozaPosted
  • Posts 8
  • Votes 0
Quote from @Chris Seveney:
Quote from @Paul Christian Mendoza:

Ready to get my next move going with my partners but hits on our credit score keeps us from getting a personal loan. 


 Focus on building your credit score? Why is your credit score taking a hit?

Thank you so much for the reply, I had my credit score at around 720 but life hit and I had my second kid with my new fiancé, we decided that I would become the only provider, it’s been a little rough but I know my kids are safe, throughout this me and my partners work at the same place but they both had missed mortgage payments that gave them a hit, there credit score is good and above 640 but that missed payment has been an issue, it’s a learning curve but we’re still trying to find a way to get a loan. The bank told us with a higher down payment we can get the mortgage loan but we’re not able to get a personal for self sustaining the property, repairs, and payments.

Post: Looking for a private lender

Paul Christian MendozaPosted
  • Posts 8
  • Votes 0

Ready to get my next move going with my partners but hits on our credit score keeps us from getting a personal loan. 

How can I get an investment with low credit but with more than 2 years of w2 forms and a good amount of money to invest

@Roger Pokorny I've been looking into some where the repairs seem almost like basic cosmetic, I'm in maintenance so repairs really seem more logical and more money saved with doing them myself, but I am starting so I'm sure there's a couple things that are probably going to hit me in the face. I'm a semi new home owner now and have been remodeling my house and understanding price points for certain sqf and realizing that alot of the money being consumed is in hiring contractors. But at the same time I do know that alot of people have gotten really good contractors in Muncie where they're not trying to screw you money wise. Me and my business partner are splitting all costs. But we both are fully employed so it's kinda one of those things where we're not touching any of that money in maybe 5 years.

@Roger Pokorny so my wonders are that I’m looking to purchase, 2 bd 1 bth homes because the average market for rentals in Muncie seem to be at 700 to 800, those 2 be 1 bth are selling for 15k to 30k. On a 25% down I'm looking to have a mortgage and escrow of about 120 which would leave a profit of almost 600 a month. I feel the numbers are to good to be true and I feel my big learning curve would be how much it would cost me for rehab when my numbers are close to 10k for repairs, is it ok if you can share what your repair expenses were on a home of maybe 900 to 1300 sqf?

Trying to find out if my figures are correct for rehabbing and renting out a single family home in the Muncie Indiana area