My First Investment

5 Replies

Houston, Texas Will anybody give me a loan? I am unsure if I can go through a lender for some more insight. I am 19 working full time and making 35k a year. My credit score is 720, will I be able to get a loan from a bank.(If you believe so how much would I be able to lended) Multifamily vs single family? After looking into both property’s I feel a multifamily property would be better for me as I wish to live in a unit to benefit from being a first time buyer. But due to the higher price I feel I will have to buy a fixer upper/foreclosed to be able to afford it. Is a multifamily(4 Unit) better then a single family? Any advice is greatly appreciated, I’m also looking for a mentor or possibly show me the ropes.

Search “Houston mortgage brokers” and Im sure you can find a list of reputable mortgage brokers in the area. Not sure if you will get approved or not based on your income and credit score but it doesn’t hurt to try. Find some lenders and make some calls. Dont stop if you get rejected keep trying.

Id reccomend a small multiunit property to live in one of the units and rent the others out. You can get a owner occupied loan for 5% down. If the numbers add up you will be able to live there for free. This will help you get your feet wet and save for your next move.

Originally posted by @Joseph Weisenbloom :

Search “Houston mortgage brokers” and Im sure you can find a list of reputable mortgage brokers in the area. Not sure if you will get approved or not based on your income and credit score but it doesn’t hurt to try. Find some lenders and make some calls. Dont stop if you get rejected keep trying.

Id reccomend a small multiunit property to live in one of the units and rent the others out. You can get a owner occupied loan for 5% down. If the numbers add up you will be able to live there for free. This will help you get your feet wet and save for your next move.

 Thanks for the help, I will definelty reach out to some brokers. 

Try asking around at meetups. Surely you can get a few personal recommendations for brokers from other investors and maybe you'll find someone to mentor you there, too.

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