How much were you making when you bought your first property?

[Cody Jensen]

Hey guys,

How much were you making when you bought your first investment property? 

Did the mortgage lenders give you a problem? 

[Jay Hinrichs]

well mine is ancient history 1977 ish.. you could only get 80% financing in those days.

the bank allowed a private second.. that's what HML did they did the 10% second as there was no rules against owner occ.. then the bank did the first and you had 10% down plus closing costs.

but one year of income worked as well. I had made just under 50k .. and the purchase price was 79k and my wife was an escrow officer so we got a big break on closing costs.  Although I am a little fuzzy on it all really...