can't get any founds.

7 Replies

Hi there my name is oscar prado i live in el paso texas and i am starting to know more about real estate eveyday by listening to bigger pockets and it has help me a lot. right now am having a little trouble thought i am trying to found my first deal so i can get my feet wet in being a investor but i am having a hard time with banks not lending me the money and also can't get a equlity loan on my home. does anybody know any other places that i can look for funding my first deal. Thank you so much in advance . 

Hi Oscar,

my name is Jaime Barragan; I am also learning by doing some real estate deals here in El Paso. 

I was on a similar situation 4 years ago. I wanted to purchase a Foreclosure property. I decided to apply for a loan with BofA (big mistake) because the same bank was the seller.

It took them 3 months to decide if they wanted to approve me or not. After that time, they decided to reject me because of my temporal work visa immigration status.

But, the story didn't end there; As always, I continued saving even though there was no way I was able to pay for the asking price; but because they lost so much time deciding on the loan; they took the house back to the market on a high discount price; which matched my savings; allowed me to buy the property free and clear :)

Now, back to getting the money for your purchase; my recommendations are to to look for local credit unions (GECU at El Paso) and small mortgage banks (Rocky Mountain Mortgage Company at El Paso). If you are not successful there; try hard money lenders; though this can be risky if you are not sure about the deal.

Let me know if you want to talk more about REI here at El Paso.

I am looking for other investor to talk about their experiences.

Best Luck!!

Thank you i will look into that i will keep you posted on what happeneds.how long have you been investing in El Paso? if you don't mind me asking

Oscar and Jaime,

Like you guys, I also reside in El Paso Tx. I am relatively new to REI, learning as I go, thankfully there are places like BP that allows us to connect with like-minded people.

I can relate to the same situation Oscar as I have been dealing with the same type of issue, have you found a solution to your problem?

I think it would be cool to connect maybe get together some time to share experiences/ideas and simply expand our network! 

Best of success to both of you guys!

@Oscar Prado and @Javier Acosta

If you don't mind me asking why are you getting denied for a mortgage loan? There are many reasons for getting denied..... Some reasons can be worked through.... And others are a waiting game. I was born and raised in El Paso, TX always great to see others from my home town. 

Jerry Padilla, Lender in NY (#NMLS 1084877)
585-204-6923
Originally posted by @Jerry Padilla :

@Oscar Prado and @Javier Acosta

If you don't mind me asking why are you getting denied for a mortgage loan? There are many reasons for getting denied..... Some reasons can be worked through.... And others are a waiting game. I was born and raised in El Paso, TX always great to see others from my home town. 

 Jerry, in my case it is that the lenders I have talked to wont consider me yet because of my job. I work in sales and 90% of my income is commission and they need at least 2 years at it to count my entire income, so they only count the base pay which is only 1200/mo. 

I really dont want to wait another year....

What advice would you give? 

Funding a loan with commission income less than 2 years.

If you are doing a fix and flip try a private lender/hard money lender, they are not looking at your exit plan NOT your income or credit.

@Javier Acosta it would be cool to meet to share ideas and experience just let me know and I will be more than happy to do that

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