This will be my first piece of property that I have acquired, (2nd if you include my home), I started off feeling all gungho, wanting to buy, buy, buy, now I'm told not to do anything until this 1st property close which won't be til August,,, I want to keep the enthusiasm alive, What can I do? Somebody Pleease HELP
no, it’s a duplex with tenants already in it, I am going to replace the roof, already got a person/price for that; my situation is I want to start the process of looking at my next project;but I’m told not to look at any new financing before the duplex closes
Spokane, WA · Member since 2020 · 29 posts · 22 votes
6y
I assume you were told by your RE agent or loan officer to keep your nose clean, not make any big purchases, don't open any new accounts, and avoid racking up further debt. There's absolutely no reason to stop doing anything that doesn't affect your credit.
You can analyze deals, get to know some hard money lenders, find off-market properties, make offers on seller-financed deals, go to local REI meetings, drive for dollars, improve your REI team, study up on other REI strategies, try wholesaling a deal, listen to podcasts, study for a real estate license, etc. The possibilities are endless!
Find a way to stay productive without affecting your credit score or DTI ratio and July will fly by. Keep that fire burning!