All Forum Posts by: Renee Yarbrough

@Andrew Zannotti

I don't mind sharing...especially if it will bring advice or help others who might be starting out.

Mistakes:

1. Didn't make sure of loan eligibility before putting an offer on the house, then spent weeks scrambling (and asking everyone involved to scramble) to get DTI ratio in line for approval.

2. Applied for a FHA loan on an old, worn house which cost the seller thousands in inspector-required repairs, all while I was still fighting to be approved.

3. Vendors who did repairs agreed to be paid at closing...this one really bothers me, as I don't know when they will be paid.

4. In the end, I couldn't get approved because of my DTI ratio, a mistake that could have been avoided by taking time at the front end to get a solid pre-approval.

@Caleb Heimsoth  

No, this wasn't a wholesale deal.

@Theresa Harris

Ha! I did eat the whole bag...thanks for the encouragement. I was hesitant to write such a blubbery post, but now I'm glad I did.

@Andrew Zannotti

Your advice to analyze specifically what went wrong is helpful. I will spend time this weekend with that homework. Thanks!

@Brent Paul

I wish it was just a rejected offer! My inexperience led a seller down the garden path for six weeks before the deal fell apart. That's the part I dislike most about this particular situation, messing up the other people who were involved.

@Brant Richardson

Good words! You're right, all I lost was time and a bit of money. Gained a lot of knowledge and understanding about REI.

And you're right about learning from books vs. learning from experience. Thanks for the great reminders...it helps.

Have invested time in Bigger Pockets for a year: reading, podcasts, analyzing, drive-arounds, learning, learning, learning. Thought my first deal was done, only to have it fall apart in the eleventh hour.

So many of you pros talk about hard times...but man, it is tough!  And difficult to face up to my rookie mistakes that broke this deal.

I'm not asking for sympathy...but do want advice that will get my face out of this bag of chocolate and put my boots back on the ground so I can find my lost grit.

@Brett Sayers

Thanks for the reply, Brett.

I will send you a message...I'd love to talk!

@Marcus Auerbach

Thanks for the great suggestions. It appears  that my loan officer is golden...has worked way beyond my expectations. 

I have applied for a FHA loan, but will ask about a portfolio loan.

Thank you so much, Marcus.

Interested in this conversation, as I'm trying the house hack route.

@Tony Hightower

Thanks so much for the reply. I was planning on a buy/hold rental. The issue is DTI. I don't know if there is time to switch banks, but would love to explore that question.

I will send more details about the deal through PM.