All Forum Posts by: Sara Donohue

Sean! I truly appreciate you taking the time for this generous response! I am going to look into all of the above options. 

I’m determined to buy in an area I love for a second home or a buy-and-hold investment for my kiddos one day. There are a couple of $100K lots available, and I’m trying to think of alllll of the possibilities. I have $25K cash for a down payment and can add $20K/year ($1,600/month) toward payments.

No W2s, I've looked into building a small home right away and using a bank statements loan (have about 8800. monthly income) , but with 9%+ interest rates, it’s beyond my budget.

Is there any sort of creative financing ideas possible or private lender possibilities? Would love any insights!

Thank you so much for chiming in here Chris... and yes absolutely I completely understand on the cash reserves. I should of clarified, I meant an additional 25k set aside that I'd like to specifically use for investing and getting started somehow. I'm going to sit down and get clear on my goals and then maybe circle back with some more well thought out questions. thanks again!

Hi everyone,

I’m hoping to get some advice from those of you with real estate experience. Here’s a bit of background on my situation:

I currently own my home, and my monthly expenses are about $2,000. Right now, there isn’t much opportunity for rental income with my current property. By the end of this month, I’ll have saved up around $25,000, and I’m really eager to break into real estate.

If you were in my shoes, how would you use that 25k to get started? I’m open to any advice or suggestions on how to make the most of it.

Thanks in advance for any guidance—I appreciate your insights!

@Chris Seveney

Thanks Chris … I keep seeing conventional only. I’ll keep my fingers crossed and ears open!

Anyone know of any bank statement/ non qm loan programs available for purchasing a property in the Virgin Islands ?? Open to any other creative financing ideas as well !

Thanks so much!

Any leads on awesome bank statement loan lenders ? I’ve been working with a lender, rather trying to work with a lender but they’re so hard to get ahold of get to answer the phone and it’s throwing me way off. Self employed 3+ years looking for a 12 mo bank statement loan with loan min of 200k. Any suggestions ?

@Jonathan Greene

YES! Thank you for your response!

I think you’re right, I’m going to go ahead and definitely sell!

Hi there! I would love any and all advice from anyone who is seasoned in the investing world. PLEASE! It is a dream to achieve financial freedom via income properties! Its a new arena to me and I need help making a decision...

We were (by the grace of god) able to buy a house in Jacksonville, FL via FHA loan and have been living here a year. The neighborhood we bought our house in is blue collar and growing. The neighborhood we bought our house in is blue collar and growing. We purchased for 155,000 and owe 136,000 on it. Our monthly payment is 889.00. It has appreciated about 40-50 k over the last year and would rent for around 1450 or sell for 190 - 200k. The neighborhood we bought our house in is blue collar and growing. We need to move to another town for family reasons. We are now looking to either-

A- SELL. Use the equity to buy a home in the other town, the home we would buy would be around 280,000 (cheapest there is and about 10-15 minute to the beach so hoping that that would be a good investment down the road). We would then use our leftover cash and save to buy an income property sometime within the year. 

B- Rent out our place and buy an apartment in the new town. If we held onto our place to rent out, we wouldnt be able to buy a SFH only an apartment. I feel oddly attached to our current property so I'm getting torn on whether we should attempt to rent it out. I'd hate to sell to find out that I'm basically looking for this place all over again. I can't figure out whether or not the numbers make sense. renting for 1400-1500 when our payment is 900. It seems super tight and so I'm overwhelmed.

Typing this makes me feel better HA!

Any insight? Really wanting to break into the income property world, but don't want to make a stupid decision. 

Long story short- I am doing a bank statement loan in hopes to secure our second property. I Need about 20k more to cover closing/ down payment etc. Can my partner get a heloc out on our currently property without showing income?! He is the only one on the mortgage. I am on the title. Is this possible ? Any other options I’m not thinking of ? We both are self employed and I’m the primary breadwinner .