All Forum Posts by: Eric Grant

Welcome! I'm currently living in Biddeford myself. I've looked around quite a bit and found that some areas are certainly more enticing than others. My problem has been that even though I have capital to invest, I'm a student so I don't have enough money coming in to get a loan. Let's keep in touch!

Member from Maine here as well. Welcome to BP.

Welcome and congrats on what sounds to be a great start!

I would be interested in meeting as well. I know that there are meetings held on Wednesdays with Cristina and Scott Varney but I've yet to attend. Wednesday nights hasn't worked for me. 

Welcome Lorenzo. 

@Dawn Anastasi My wife and I will be applying jointly. 

@Jerry Padilla My wife has proof of income for more than two years. Unfortunately, her W2 job doesn't pay a whole lot. She's a dance teacher on the side and makes good money from that but it's not documented.

I'm thinking that I may shoot for a loan from a couple of the local banks and if it doesn't go the way I'd like I'll change my plan a bit. Who knows, maybe something will fall into place.

I'm from Portland; where in the city is this building? What type of business do you own that you are moving?

@Greg Szymbor

Hey Greg!

Welcome to BP. Where are you located at? I'm in Biddeford so I'm sure you're not far from me. Enjoy the site! I'd love to talk sometime!

I understand the concern of not having income and the questions that I've read seem to concern the money, so I'll start by answering the questions asked.

We have a reserve of $70,000 though I'd like to keep about 20 set aside.

My credit score is 765

I do get some income from the military, just not a lot.

I have zero debt aside from my personal home.

I have a background in construction so working with a partner would be perfect for me but I have a lot of networking to do because I left for so long and don't really know anybody around here.

I've basically limited myself to properties at $160,000 or less due to not wanting to put more than $40,000 down knowing that I'm likely going to have to put 25% down with local banks.

@Joseph Sherer I'm not stuck using a realtor but I thought that it would be helpful to use his access and I like to compare the numbers that he arrives at to my own.

@Jordan Decuir I should have clarified that I'm an older student lol. I'm 36, so I too wish I had learned and started much sooner, but then I probably would have lost my shirt in 08"

Thanks for the responses everybody. I'm hoping to sit down with w a few people this week, or start sending in some resumes.

So, my situation is this. I'm looking to finance my first purchase but I've run into the issue of not bringing in what is considered to be enough income.  I quit my last job so that I could go back to school and focus on learning about real estate investing. I do get a paycheck for going to school but a few lenders said that they don't factor that in because they don't look at it as a steady income stream. I also collect a monthly check that covers my current mortgage plus other bills and my wife works as well. I have money to put down on a property and figured out a range where it leaves me with a cushion for repairs and also savings but it's not looking good. I'm thinking that I may need to put school on hold and get a job so that I can show more income. The creative financing route or partnering doesn't seem to be a viable option because I don't know many people around here. I guess I'm not looking for much more than peoples opinions on the matter. Thanks in advance!