Bree Blades not to sound rude but in real estate you need three things deals, money and time. If he’s got the money and you’re doing the deals locally to him and not you unless he has no time I’m not sure what value you can add here. Can you find deals in Texas from San Diego? You can but that’s gonna be hard.
Also if your DTI is that high, depending on what type of debt it is, you really should pay that off before going into more debt to buy real estate. I’m a fan of all other debt (besides mortgage debt) being eliminated. No car payment, no CC debt, and no student loans.
Definitely value your opinion. Although he has the income, I have the knowledge, drive, and the connections. I actually motivated him to purchase his house, he didn’t want to buy a home.
It is definitely ideal to pay off all debt but I can’t keep waiting because I will always miss the boat. The only debt I’m concerned about is the credit card debt which is my variable in my DTI.
@Account Closed well that’s something and is probably worth 25-35 percent of a deal if your connections are really that good.
Still think you should pay off other debt first. If you borrow from family (would not recommend this) then I would use that to pay of the high interest CC debt
Good morning @Account Closed . I just sent you a PM. Our office in Austin specializes in distressed properties. Happy to connect you.
@Caleb Heimsoth yes, if I borrowed money from family, I would want to pay off my CC debt then I could also be able to get a loan but my DTI would be great! Thanks for your perspective and advice.
@Brees Blades. Suggest you consult with a Lender BEFORE you payoff the Credit Cards. Surprising as it may sound, paying off Credit Cards in some cases hurt your credit score.