All Forum Posts by: Scott King

@Salvatore Lentini both, I feel the best way to learn anything is to be in the midst of it, and being a realtor provides access to people, who could potentially be mentors, customers, or partners.

The hardest part of any endeavor for me as I imagine is for most people is resistance. I have for the last year been reading, studying, eating, breathing all things real estate. I have always had a love affair with houses and land and all the avenues available.  Monopoly was always my favorite board game.  I finally convinced myself to throw my hat in the ring.  I signed up for online real estate classes, and have listened to just about every BP podcast available, as well as many audio books.  I recently put in an offer for my first rental property, a foreclosure, that needs some rehab, but not extensive.  I have met more "no's" in the past few weeks, than I can ever remember in my  life.  Loan amount is below our minimum of 50,000, you have to have  months of reserves, we don't loan on fixer uppers and the list goes on.

last week I took the real estate test, I felt good about going into it, all practice test scores high 80's, low 90's. I passed the general section, and failed the state law section by 1 question.  I am not used to failing anything.  The good lord blessed me with a fair amount of intelligence, dedication and determination.  My drive home from the testing center that night was the longest hour and 30 minutes ( lots of construction) I can remember my heart was heavy, my head hurting and my soul tired.  The next morning as I was working out, and then meditating before starting my day it came to me clear as day, "If it was that easy everyone would be doing it", and a quote by Thomas Edison, " I had no choice but to succeed, as I had ran out of the wrong way of doing it".  

I am still pushing forward, I will find a way to secure the financing to start my rental empire, and next week I re-test for my real estate broker license.  I post this as more of an encouragement to anyone who is meeting the resistance and is up against the wall, you are not alone.  Don't quit, if it was easy everyone would be doing it.  Every no is a push in a different direction and breeds creativity. Every failure is an opportunity to learn.  

@Jonathan Bombaci

Yes I could do 20% down, but it would be non owner occupied, I found the deal looking through different real estate websites.

I keep hitting a dead end on conventional loan because of the amount, most that I have found won't look at less than 50,000. Its a bank owned forclosure, and I can't get past "you'll have to apply for the mortgage"

Not enough equity in my current home, as we just purchased it last September.

Thank you for your response.

Need help. Have a 2 bed 1 bath fixer upper. 40,000 will buy, less than 15,000 to rehab. 2 bed 1 bath in my area rent for $650 easily. Arv estimated at $80,000, possible sell to Investor for $70,000, once competed and renter in place. I need guidance on securing financing.

@Frank Patalano

Financing outside of convention lending. I'm currently trying to learn how to raise money, or negotiate a seller financed/land contract deal.

Has a renter in it currently, FHA may be out.

I'm half way through real estate license program and found a rental property, turn key on a double lot. Trying to secure financing. Estimating approx $300.00 a month positive cash flow. Have 20 percent down. Looking for financing advise.