All Forum Posts by: Sean Pearce

Thanks everyone. I applied at a few more places and my experiences with some of these other brokers has been much better. The last broker I applied with gave me much better terms than the first. The first broker has only communicated with me over email so far and the process has been dragging on for the better part of a week. The last broker called me immediately and we talked through all of my options and I had an approval within 20 minutes. 

Thanks all. I'll shop around some more. 

So I've applied for my first mortgage ever on an investment property. I have good credit fluctuating between 760 and 790, net monthly earnings just shy $10,000.00, over 2 years in my current profession, no current housing rental costs, $0 in debt, and $70,000.00 in liquid assets and capital. A 'preferred' mortgage broker that was recommended to me looks to only be considering about 71% of what I've asked for to get me into a property of a value that I'm comfortable with including my 20% down payment. 

My question is, will shopping around and applying for another mortgage with a different broker help or hurt my chances of gaining a bigger loan since my credit was already dinged once during the broker's due diligence and another application will likely ding it again?  Also, is this reduction in available credit the result of the mortgage rates going up and what I can expect from most brokers at this time?

I really did not expect to not get my desired amount especially since I did not consider the desired loan amount to be large. It's far below the current median house value of the USA and right inline with the median value of my desired market.

thanks in advance. 

so 2.7% of the population has now been priced out on top of the 61% of renters who already can't afford a home purchase. 

the last few years have been so strange to me. while I know so many are struggling I've never been more financially secure, disciplined, and ready to buy property. It was a process that took the better part of 6 years with a ton of effort and life changing intention on every level. At the end of 2019 I had just been laid off twice in 3 months and I was at my wits end before I realized I was going to have to move away from where I was living and dive back into a previous well paying career I had abandoned 10 years prior.  
Even though my 2019 employment was a mess, back in 2017 I had started taking charge of my finances. It's now 2022 and I have made deals with lenders to clear debt, downsized my life numerous times, switched careers to make more money, reduced my monthly expenditures to just 20% of my take home pay, rebuilt my credit score by 350 points, and saved more money than I ever thought possible. I haven't owned a vehicle that cost more than $4000 in all that time. I've been able to immediately know how much I owe and how much I spend each month itemized down to the penny. 

Once I started paying attention to my finances with diligence my finances started getting better which taught me a valuable lesson...anything we give our attention to will get better.

I really am left wondering how many of those 64% of the population have made the same sacrifices and types of decisions to fix their financial life?  

while he certainly has no case for civil or small claims court, if this property is in a very rural area I can tell you that properties have been burnt to the ground for less. You've just made a drunken enemy of somebody who shows little ability to manage their emotions. 

After an encounter like this in a rural area such as your property I would consider investing in some trail cameras that are motion activated. 

Hello,

I've been lurking the forums, reading the books, and devouring the podcast over the last months. I've tried in vain to get my brother and sister back in Florida excited about the possibility of creating a partnership LLC to flip some houses. I've also explored different real estate investment firms who accept 'crowd sourced' capital but I'm not excited about their returns even though they are guaranteed. Ideally I would like to see more of a return than 8% to 11% over the next year for locking up my money in such a deal.

I'm a DoD contractor currently deployed overseas and I would be interested with speaking with investors on the ground in the St. Pete/Tampa area who may be interested and the right fit for a partnership LLC for flipping homes. As I'm out of the country for the foreseeable future my ideal partner would be a self starter, diligent, and organized and in return I can provide financing. My credit score is in the high 700s, and I have enough capital to close a deal and finance the rehab. I have never purchased a property before.

If anyone is interested or knows someone in their network that would be interested in getting on a call with me please let me know.
Thanks.

Hello,

I've been lurking the forums, reading the books, and devouring the podcast over the last months. I've tried in vain to get my brother and sister back in Florida excited about the possibility of creating a partnership LLC to flip some houses. I've also explored different real estate investment firms who accept 'crowd sourced' capital but I'm not excited about their returns even though they are guaranteed. Ideally I would like to see more of a return than 8% to 11% over the next year for locking up my money in such a deal.

I'm a DoD contractor currently deployed overseas and I would be interested with speaking with investors on the ground in the St. Pete/Tampa area who may be interested and the right fit for a partnership LLC for flipping homes. As I'm out of the country for the foreseeable future my ideal partner would be a self starter, diligent, and organized and in return I can provide financing. My credit score is in the high 700s, and I have enough capital to close a deal and finance the rehab. I have never purchased a property before.

If anyone is interested or knows someone in their network that would be interested in getting on a call with me please let me know. 
Thanks.