All Forum Posts by: Stefon Bostick

@Anthony Martin,

thanks alot man! No confusion at all as any information is good information. Im pretty sure someone who has been doing it for a while can shed more light on it for both of us but your explanation wasn't confusing at all. Would love to connect and continue networking and we can learn from each other like you said. There is a ton of information to learn along with the do's and don'ts and its kinda overwhelming to do alone. Still trying to figure the site out though, im following you now. not sure how to message yet.

Stefon

Hello to all out there. I have already asked a couple of silly questions yesterday so i thought i'd continue today with more. Anyways, i've been reading alot about this 50%, 2% Rule over and over but due to my lack of knowledge i am trying to figure out what this rule is. can someone explain? Thanks.

I see. I see. This is interesting. So in the case above where i mentioned im looking at a property that is $160k. What steps would i take if he could only loan me $110k. Are there any options after that or do you just have look at properties that cost $110k??? Please advise.

Thanks Alex! I guess my confusion comes with know what the difference is between being qualified for the mortgage loan and then going to a mortgage broker to ask to borrow money. I have everything you mentioned above already. The good score, the income, practically no debt but a truck note and a couple thousand dollars of credit cards debt. So if i understand this right, once i qualify for the loan its still up to the broker on how much he is going to lend me? So if i am dreaming of a property that is selling for say.....$150,000 he can still cut me short and only loan me $100,000? Please advise and sorry for asking silly questions but i do only have a basic knowledge base of the real estate business.

Hello Everyone, really excited to be a member of BP and can't wait to get started. At the moment i am looking for advice on the purchase of my first home. Im planning on living in the home for a year and then renting it out and work on getting another property. Can anyone advise on if this is a good idea or how would you go about it??