All Forum Posts by: Ty Ottaberry

I'm not the kind of person that always thanks that ''THe skY iS faLLiNg"  so to speak lol 

But online mortgage company's make me a bit nervous especially when they call from Wisconsin and the area code shows up as a local east Texas (903) # .   putting my SSN and info online or over the phone always gives me a bad feeling no matter what, its simply common sense 

There are Tones! of opportunities when it come to online lending but I want to make sure my info is safe before I go filling out . 

<I just put my 1st investment property under contract,..... fyi !!!its a home run location !!! lol pretty proud of this deal.  ,im self employed and just got turned down at a local bank here in Gilmer tx  ,my tax returns show that I don't make enough, my checking accounts shows other wise.  (*I was already educated befor hand and expecting this, so it did not come as some big surprise*) .,I have a great credit score... my bank that I have created a trusting relationship with for years has approved me with a good rate but they only do 15 year notes on commercial investment property's .15 years using 50% rule puts my cash flow at $50,   30yr note puts my cashflow at $150.

Of course I can go Bank hopping with a presentation ,that is definitely an option. I would like to try out my options online. Can anyone direct me to a good trusting online Mortgage Company that will lend as low at $50k Or give me some advice on what to watch out for when dealing with these online mortgage companies

I would like some real knowledgeable & experienced inputs on this one.  

Yes sir exactly . The numbers would not work on a 15-year note and producer Cashflow . So I solved the problem an extended to 30 years . Now it will produce nearly $200 in cash flow after all expenses paid . I'm not very happy with a flexible interest rate . But I have the perfect plan if interest rates start climbing . 

Pretty dang excited!!

I spent hours and hours  working on this thing making it super creative and it turns out they really dont give a crap 😂. I had a whole freaking Spiral full of cool sh*t ,and they didn't even care to look at it 

🙄. I kept saying " Arrrrre yoooouuuu suuuure you don't want to go over all this with me"?

🤨😂 Hell, I wanted to show them I knew what I was talking about that their money was safe  with me ,when it comes to investing in real estate ,not only is my credit good but I can impress the hell out of you .

Not lol 

They're just worried about the credit score🤷♂️

Apparently it Turns out they don't give a sh*t if you know what you're doing or not or if you have a cool creative presentation 😎.  

(Note to self) don't overachieve if you don't have to It's a wast of time

That just makes my job 10 times easier next time 👍 . 

obviously my Cashflow is going to be much better on a 30-year note .

And it's not like I'm actually going to hold for 30 years... 

One of my mentors just told me I was crazy or even thinking about 30 year note . 

$50,000 property barely cash flows as it is  . Putting it on a 15-year note would only make it pay for itself no negative Cashflow but no positive either 

What are your thoughts guys

thanks guys ,been a lot of help

tell me more about this meet up !

.

It seems that everyone else is on point on my team and right there when I need them except the most important one  lol 😂  #1stworldproblems

I have the perfect rental property  could not be a better deal . I have not 20% down . All I need is a good interest rate to make the numbers work . Any guidance ? 

is anyone else not able to download there pdf reports ???? 

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