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Brandon Duff
  • Investor
  • Dallas, TX
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120
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I got the Real Estate Bug and the problem I'm having

Brandon Duff
  • Investor
  • Dallas, TX
Posted Jun 4 2015, 20:00

Hello,

I am an out of state investor and started to investing in Las Vegas from California.

I purchased my first rental property SFH and cash flowing around 138 a month without PM( I should have factored in PM before I ran my numbers but I didn't )

Anyways, I am itching to get into a second property, but since I am a self employed person ( I own my own fitness company) my debt to income ratio is capped ( self employed = look poor on W2) 

I bought Brandon turners book how to get into real estate with low to no money down, and looks like my best option is OWC. However all the deals I've been presented are like. 

5% down, 7% interest with a ballon after 5 years, so paying mostly interest and then refiance into a mortgage with pretty much what the asking price was. 

I can't find deals since I'm out of state and not a realtor ( no MLS, no Driving for dollars, wholesellers want usually all cash)

I can't get home equity line of credit because I only have 20% of equity in my current property. 

Partners, I am not a fan of because I've always been a do it myself guy and would hate to get in a tiff with someone, unless it was a silent partner/capital partner of sorts. 

Hard money same as owner will carry but worse. 

What other options do I have? 

I make great money, my business is successful and has been successful for 8+ years and even more so even the last 3+ years, most banks don't do stated income, I can't work with a porfilo lender yet correct? I need more than 1 property.

I can't get into commercial... ( i would prefer not to get myself into a pickle with 5+ units and have it sit vacant and pay the mortgage out of pocket, too much risk for someone just starting) 

I guess wait till my next w2 k1 and show more income this year and buy up a few properties, but then I feel properties will be higher than what I want to spend and interests rates will be higher too.

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