Looking for advice

Looking for advice

Member since 2024 · 4 posts · 2 votes

Hello everybody. Looking for general guidance and advice from experienced individuals. I don't want to sound like I am flexing because I am not at all. I realize I am not rich by any means but I want to describe my situation so an experienced REI can give me advice suited to my specific situation. I am 29 years old have $500,000 in index funds through my own contributions. I own my own home I paid 16k cash for in 2020. The seller was filing bankruptcy and I was at the right place at the right time. Would have made a very profitable flip and didn't even know it at the time. I have put roughly 15k into it since then and I have not had it appraised but I am very confident it would appraise at 80-100k based on the comps. I have a 2018 Jaguar F Type R bought and paid for and I have no debt. I want to get into real estate and have been trying to learn as much as I can. I am self employed and run a trucking company so I write off my income to pay as little tax as possible. My income after tax write offs is significantly lower than it would show if I worked a w2 job. This can make it hard to get a traditional mortgage loan. For this reason I do not think I would be able to get into rentals at this point. I would likely need to use hard loans to fund flips. I have a 710 credit score so that is no issue at all but it is just the proof of income not being a w2 employee that can get tricky. So any advice from seasoned REI that are successful would be greatly appreciated. I was wondering how you find good deals on properties besides the mls. What are other good mls services besides zillow? My other question was how do you meet other REI and realtors that work with investors? I realize networking is a huge factor of success in real estate investing. Thank you for taking the time to read this far if you have.

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  • Real Estate Agent · Central New York · Member since 2023 · 207 posts · 96 votes
    2y

    Yes as you suggested it does sound like hard money would be the best route to go if you are by yourself and don’t have the two years worth of “income” to support a traditional mortgage. There are some lenders that will still work with you, albeit you likely may not get the best terms and conditions. I have a lender in the Syracuse area that deals strictly with non owner occupied investment properties that I’d be happy to extend as a resource. The alternative is, do you have a co-signer or business partner? If you worked with someone that has sustainable income for a traditional mortgage, any lender would also factor in their income as well. 

  • Member since 2024 · 4 posts · 2 votes
    2y
    Quote from @Kiernan LaFaver:

    Yes as you suggested it does sound like hard money would be the best route to go if you are by yourself and don’t have the two years worth of “income” to support a traditional mortgage. There are some lenders that will still work with you, albeit you likely may not get the best terms and conditions. I have a lender in the Syracuse area that deals strictly with non owner occupied investment properties that I’d be happy to extend as a resource. The alternative is, do you have a co-signer or business partner? If you worked with someone that has sustainable income for a traditional mortgage, any lender would also factor in their income as well. 

    Hey Kiernan appreciate the input. The cosigner would be a possibility but I can not depend on it as I can not garentee it. If you can message me the Syracuse lender it would likely by a good contact for me to have. It seems to be a buyers market currently so I don't know if I should just jump in right away or wait.
  • Real Estate Investor · Unadilla NY · Member since 2017 · 418 posts · 297 votes
    2y

    Why not just use the money from the index funds?

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