House number 2 Undercontract

43 Replies

For sure I am I had more time to market it but I actually didn't even get the chance to get home and post it before it was sold. Its another small house and is going to another investor in the area as a rental.

A whole bunch of little deals that are quick and easy are just as good as a few bigger deals, with the added benefit of having you say that you've done X deals -- better reputation among sellers and buyers!

Thanks @Bryan K. closing is set for Wed with another assignment! Plus I get to learn the gender of the baby me and my girlfriend are expecting! WOOOWHOOO for Wed!!!!

Congrats Cameron. If you don't mind me asking. You started investing before you got laid off? The banks allow you to purchase based on your investment income alone? I always wondered how that works. For instance I am in the middle of closing on my townhouse I am getting built and it will be finished mid June. I cannot do anything until closing is completed. While youre in between closings you're not supposed to put a contract on anything else. So during this time you just wait for closing so it doesn't affect score?

Also, say for instance you already have a residential mortgage, then one multi-unit you're closing on. The bank originally bases approval on projected tenant earnings but uses your income only as a qualifying test to see if you can afford the mortgage on your own and then once 100% occupancy its based on the rental income? How do banks allow you to get 1-5 deals in a year if you have 1-5 mortgages? I understand you have income coming in but how do banks judge whether you're maxed out? Or is there no limit?

Thanks,

Benaiah Grimes

Thanks Harry M. and Shelby Reed. It was PAYDAY TODAY! Woot Woot haha. Benaiah Grimes I started the day I got laid off from work by wholesaling. I never own the homes and my name never goes on the deed. What type of investments are you doing.
@Joshua Dorkin and @Brandon Turner Ok now the deals done but what should I tell details about? Im not very good at this if you cant tell lol

Hey Cameron -
The numbers and any details would be really helpful.

Sharing things like how you found the deal, how you financed it, your cost basis, your profits, and any details you'd like to share is great. There's no requirement, of course, but as much as you're willing to fill in....

Congrats.

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