All Forum Posts by: Richard Buffet

Ah Great advice @Anthony Dooley ... do I need to find banks in the area in which I am thinking of buying the deals or in the area I live in? 

@Matthew John - I've got really good credit (800+) but seems like the lack of personal income will be an obstacle even for commercial loans. 

Did you do commercial loans for your properties? 

Thanks

@Anthony Dooley - Yeah I am thinking of a multi family (5+ units). I don't have any liabilities, but after I put down the 100K, I won't really have any assets to show either. And I don't have any experience in Real Estate investing. How would this play out? 

What kind of personal income is required in order to qualify for commercial financing? 

I have 50K cash that I can deploy but I don't have much personal income to show from the last 3 years (struggling business that is just taking off now).

So, in my situation, what should I do to get commercial financing and what kind of properties would be ideal for getting this financing?

@Anthony Dooley - Interesting thought. I was just thinking that I could borrow 50K from my IRA and put my 50K cash to have a total of 100K and then try to acquire a commercial property worth $400K.

For commercial loans, do I need to show a lot of personal income in the last 3 years in order to quality? 

@Mike Krieg - I am looking to be an active investor rather than passively investing in other people's deals. 

@Lisa Schmidt I am looking to be an active investor because I really want to learn this business. 

Thanks @Dmitriy Fomichenko that's great info. 

Hi all

I have 50K cash + 200K in Self Directed 401K to invest. 

However, my big challenge is that I didn't have much income for the last 3 years as my business was just breaking even. So there wasn't much personal income to report in last 3 years.  

So I feel that I won't qualify for any kind of conventional loans. 

However, now that Business is taking off, I'd love to figure out how to invest the money without getting conventional loans. 

Here are some questions I have:

1. With 50K, Could I invest in a commercial property and get commercial financing (Even though I don't have much net +ve personal income in last 3 years )?
2. With 200K in self directed 401K what kind of loans could I get? Could I get commercial loans as well as conventional?

Thanks

Rich