All Forum Posts by: Richard Moore

Ok I have a 3 unit under contract, done with inspections, contractors, etc. Ready to close. With all of the expenses throughout this process, I'm now a couple of thousands short. Now I've been approved for a personal loan for the money I need. Will or can this hurt my 203k loan? Please help. I'm suppose to close within weeks. I've asked all family and any resources I could. This is my last option. 

I'm a truck driver who works 11 hours days, five days a week. I attended, and passed the needed hours and class to become a real estate broker but not enough time to study or take the state exam. With a lot of hard work and penny pinching I saved enough for a down payment to hopefully change my career.  

I haven't been on here for a while due to working with a lender I finally can trust to purchase my first investment property. I went to real estate school to become a broker in 2014, due to working and other things I wasn't able to take the test after I passed the class and completed my hours. My time runs out in 2018 to take the AMP state exam to become a broker. My question is can I take the exam to become a Leasing agent with the hours and class I completed for the brokers exam or do I need to go back to school to become a Leasing agent? Any help on passing the brokers exam in my state please comment.  Thank You.

Newly Investor searching for a experienced Lender willing to work with me. I'm trying to remove myself from my mortgage broker and find a experienced lender on my own. My broker hasn't found a lender that's willing to work with me according to him. As I sit back and watch properties that have great earning potential go away to experienced investors. I'm not trying to rush the process, but iv'e done my part. This is starting to remind me of when I first tried to invest in real estate 10 years and no one would work with me. I will never give up, but iv'e seen others start out with no problems or drama. WHY ME?   

Good afternoon everyone. Iv'e learned a lot from posting in these forums and I would like to thank all of you that responded to my posts. From members advice I started to create my team and contacted a real estate agent. This agent is great in my eyes, after talking for the past week. Iv'e learned that he has/is an investor in real estate and willing to take it step by step with me to fulfill my dream in real estate. Yesterday I gave him my mortgage brokers number to talk to him about what's going on with finding a lender. Well this is where it's getting thick. My mortgage broker didn't want to give him any information due to legal reasons. He's telling me to slow down and wait for him to find a lender which will take a few day ( it's already been two weeks). He can't give me the name of the type of loan he's looking for or the company. I'm not real estate savvy but I know full disclosure between agents/brokers and clients are necessary. I spoke to the agent this morning and in his words "something doesn't seem right with the broker". The agent is trying to get me an owner occupied loan, but that's not what i'm looking for. I'm really anxious to get my feet in investing, but don't want to lose money I saved on fraud or rushing the process. Am I rushing things or do I have a problem? 

On another note. Any real estate agents in the Chicago area that can help me pass the state exam message me PLEASE. Iv'e passed the required class but haven't taken the state test to certify. It has been a year and a half since I passed the class and my time is running out before I have to start all over again. Thank you 

@Shawn Ackerman I agree I need a team. I shall manage the property for now and I have a contractor and a Mortgage broker. I will never give up and thanks.

@Thomas S. I have a significant DP according to a mortgage broker i'm communicating with currently. The problem is finding a lender and viewing the property.

I'm ready to start a new career investing in real estate. The problem i'm running into is finding a Lender that's willing to work with a new investor. The real estate agents iv'e talked to will not go forward without a lender. According to them, without a lender I can't view the property. I have a licensed contractor, and i'm ready to start my career as  a real estate investor. Is there something i'm doing wrong or steps i'm missing? Please help

Thank you all for your comments and advice. 

I'm new to biggerpockets.com and iv'e been watching bigger pockets podcasts since Feb 1, 2017, gathering information on investing in rental property. I have a mortgage broker that's helping me obtain my first rental, but something isn't sitting right with me. Let me explain. I found a foreclosed home priced at $40,000.00. My broker tells me that I need to have 25% ($10,000.00) in order for the lender/bank to give me a loan to purchase and rehab this property. These are the problems that i'm running into.

1. We haven't looked at the property to view any damages and what the rehab cost will be.

2. The topic of Contractors and appraisal hasn't come up AT ALL.

3. He's telling me that I will have to pay the closing cost that is 12.5% of the cost of the home ($5,000.00). Which means I need $15,000.00 at closing or no deal

4. He advise me NOT to offer to buy the property lower than $40,000.00. Due to other investors possible bids.

5. The loan will only be enough to purchase and rehab the property. No extra funds for extra costs during the rehab,  loan payments until property is ready to rent and rented, and invest in another property months later.

This doesn't seem right to me, and I don't want to lose money on my first deal. Am I over thinking this or is there a really big problem? Please help, any advise is welcomed.