All Forum Posts by: Rod Lambe

Dear BiggerPockets Members,

I took the BiggerPockets Members advice and reached out to a lender to see if I qualify to buy my own home. My scores are in the mid 600's but I owe Federal Taxes that I am making $500.00 a month payments on and collection medical bills that I am being garnished from, I was turned down! So, does this mean I cannot get lending anywhere to buy my first investment property? If you could please advise me your thoughts would be greatly appreciated.

Thank you,

Rod

Hello BiggerPockets Investors,

I have been renting my entire life never taking the initiative to get educated about Real Estate Investing! My God, have I paid the price making other RE Investors wealthy. Now that I am later in life, I am completely committed to educate myself through BiggerPockets to become the owner of my first Rental Property! My question to my fellow BP's colleagues is does it matter if I continue renting and find a way to buy my first rental property in WA State through the training of BP's? Or should I buy my first home to live in before I start investing?

Please share your Pro's & Con's would be greatly appreciated!

Thank you in advance for guiding me through focusing on buying my first home or first rental property investment.

Rod

Jay,

You don’t know how much I value and appreciate your straight forward comments. This is exactly why I joined BiggerPockets to learn and be educated by experienced Real Estate Investors like yourself Jay Hinrichs. I too, have looked seriously into the many, many, online Real Estate Guru’s that are offering one on one training. After further review, I am not getting one on one coaching from the Real Estate Guru, it will be done by one of their staff members once or twice a week by phone maybe. 

Thank you for your comments,

Rod Lambe

Hi Dustin,

After reading your message for the second time, I want to congratulate you on completing your Buyers List task! The time it took you and your focus is excellent! I would like to talk to you if you have the time for 5-10 minutes, to talk with me about your Buyers List. Please let me know.

Thank you,

Rod

Kyle,

So awesome to get your thoughts! I am so new with Real Estate Investing I am just trying to educate myself. You have pointed out some great & serious things to think about. I do not, will not, get in the position of owing a Hard Money Lender money when I cannot get regular financing! Thank you Kyle for taking the time to educate me on this!
Have an awesome day, 

Rod

Hi BP Members & Friends,

I have been turned down for a $500,000 to $600,000 mortgage from every commercial bank including the one I bank with. The reason why is my wife & myself have mid 600"s credit scores. We both have steady full time employment in the same industry for years. Is a Hard Money Lender a good place to go for our first home?

Thank you for your time,

Rod

@Annu Zer,

I want to thank you for taking the time to read my thoughts that I emailed to the BiggerPockets Members. I am so new, I feel completely overwhelmed with what type of plan to start considering and focus on. Like you had mentioned there is a lot of RE experience on BP to start to learn from. I will continue learning about my new craft realizing like you mentioned this is not a quick buck. This will take a good amount of time and analysis of many properties before I can step up and make a convincing presentation to a seller.

Thank you for all your thoughts & comments, I will reread your note again to be top of mind!

Rod

@Jaspreet Baveja,

Wow, do I appreciate the time you took to give me such solid advice about Investing in Real Estate! I have taken some of the steps you have mentioned or am in the middle of implementing. Such as, improving my credit scores I am paying off debts as fast as my income will provide. I did not know about annualcreditreport.com free weekly pull, that is awesome!

I will also continue networking with different lenders, investors, inspectors, etc. I am very committed weekly to be reading and practicing on BiggerPockets website and others like Connected Investors. This is not a hope or part time phase, I have seen and heard were investing in Real Estate has taken the seasoned investor and I want to be like that someday. I appreciate your communication and will reread your comments over & over to digest every word! I would appreciate if we could stay in touch, I value your comments and mindset!

Thank you Jaspreet,

Rod

Hi Joel,

Thank you for taking the time to share your thoughts and what direction would be best for me! I truly appreciate it! I have been in Enterprise Sales in the Mailing & Shipping industry with Pitney Bowes, Inc. The sales side of things I feel very comfortable in my zone. I enjoy making proposal presentations within this industry because I am an expert in Mailing & Shipping industry. RE Investing I am not, just a beginner looking to learn as much as I can.

I am diving into Mobile Home Investing Pod Cast with author Lauren Cochran and just signed up with the Pro Program in BiggerPockets after listening to Brandon Turner’s Pod Cast How to get into “Real Estate Investing as a Newbie”. So awesome, he is so convincing I joined right away! I also am working in bring up my credit scores by paying off debt  as fast as my income allows. I currently work for Heartland A Global Payments Company for the last two years. I am paid on commissions only when I install the equipment or solutions we offer to restaurants and small business owners. So it is building relationships sale and it takes time to build a relationship with small business owners before they trust you! Which I completely understand I am dealing with their livelihoods and business.

Thank you for everything you have suggested to become successful in Real Estate Investing! I appreciate your time & comments.

Rod

Hi Dan,

I am thrilled how intelligently you laid out your response to my frustrations, lack of money, and no experience in RE Investing! I did try to find out what I would qualify for but once my credit report came back mid 600’s I no longer heard from that mortgage lender. I will do it again with another lender. I would like to get my first home somewhere in Washington State where I have always lived.

I will continue becoming a student of Real Estate Investing. Thank you for your guidance and sharing your wisdom with me!

Thank you,

Rod