All Forum Posts by: Tanya Lam

Hi, 

I am looking at a couple properties off of loopnet and there are some multifamily properties that interest me. There is an 8 unit but it is in the nicer area, so it is for sale for about 2 million dollars.

Basically, I do not have 20% down on $2 million. I am hoping to get some creative financing ideas. Please help! Thank you!

Thank you @Jay Hinrichs & @Hattie Dizmond your posts have been very helpful. I had a BPer email me to possibly partner up. I will definitely do everything you suggested I do Jay.

Hi! I am very new to real estate investing but I want to jump into already. I'd love to meet up with anyone in Dallas to start a fix and flip! I have some capital, I just want to learn how to find deals and the whole process. I will work for free 😂

First off, I am not qualified for a mortgage loan.

Second, I have someone who has a property that they inherited. They were renting it out, but the renters have moved out and now they are wanting to sell it. They are planning to have a contractor come in to do some work which they quoted her at $4,900.

I am wanting to buy the house from her as is and then fix it myself or with another contractor. Basically a possible flip. She wants to fix it up and sell it for $95,000, but she is willing to sell it to me for $85,000.

On Zillow (I know, not the most reliable source), the house is valued for about $96,000, but this is for it being 2 beds and 1.5 bath with a garage. They have turned the one car garage into a third bedroom.

My question is, what should I do. I don't have much money, and I am not qualified for a loan. Should I go in with another investor and split the profits? Would I be able to go lower on the price? Would I need to go in with an appraiser to see how much the home is actually worth?

Thank you for your help!

Tanya Lam

This house is in Garland area in Dallas, TX. Zip code 75042.

@Brian Gibbons thank you! The wraparound sounds vey interesting and I will look into it!

@Mark Bookhagen thanks for the advice, I probably have to wait another year to establish my business to get a traditional loan! ????

Hi! So I am really interested in this property. It is a 4 bed 2 bath single family home located minutes away from a University in Richardson/Dallas area. I intend to buy the home and then rent it out to students of the University.

My problem is that I do not have enough income proof. I am self-employed, and I have been running my business for only a year. This poses a problem because they want to see at least two years at the business. I also didn't claim much on my taxes since I just started it last year! So the mortgage broker is saying I won't be approved for much if anything at all. I have a possible cosigner, but he has little credit (only two lines, a credit card and a car loan) and his income is only bringing in about $1,800. I have a pretty established credit with a car loan and a couple credit cards.

What I am asking is would I be a good candidate to do lease option? I want to keep a hold of the house, establish my credit and my cosigner's credit a bit more, and then in the future buy it.

I am super new to all of this real estate investing but I am wanting to get started now!

Thank you!