Hi guys. I'd like to introduce myself really fast. I just recently heard about this site from a friend. I have been reading a lot of books on real estate investing for the past 6 yearsand even took a rich dad personal coaching course. I just graduated from Rutgers Newark in Jersey and am looking to be a full time real estate investor. I just bought my first 2 unit house right next to my school with a loan from a family member since I could not get a mortgage. The house was paid in full and i got a sweet deal for it. I have been eyeing the neighborhood for quite some time and I believe things couldnt have worked out better. The property has 2 3br 1b units and also a big basement which i am in the process of turning into a 2br 1b apartment. So far this place is generating a little over 3,000 per month. My dilemma now is this. Since the house is fully paid off I have been trying to get a home equity loan so that I can buy another property but since i havent been able to show personal income for past couple years because I was in school, I cant get a loan. what should my next step be?
by the way I just bought the house in december of 2012. I transferred the deed to an LLC ( which now makes any loan a business loan).
My vision is to buy 3 to 4 multi family investment properties before buying my own home and starting a family.
Any advice would be greatly appreciated. Thanks
