While living in Japan I started studying real-estate via Bigger Pockets. After two years, I've finally made it home and I've been working for 6 months, regaining credit and saving.
I'm looking for a patient ally to help me invest in a multi-family property.
I'm open to commercial-level properties and have an intermediate understanding of the dynamics of commercial vs. residential.
I'd like to have a Skype conversation with a more experienced investor who is willing to help me work out some kinks in my plans and shed some light on my market.
For those who would prefer to reply here, I'll go ahead and state my goals:
1. At the very least, I want to own a home. Renting yet another year will cost, total, another 11k and I want to AT LEAST be building equity.
2. I am considering doing off-campus student housing around UTA to offset monthly payments and become more knowledgeable about land lording. ( although I don't plan to do it forever ).
3. I prefer to find a four-plex or larger in the DFW mid-cities area to live in while renting.
1. Due to working abroad 6 years, I must rebuild my US credit (nearly excellent now) and build my work history ( nearly 6 months now).
2. My downpayment by end of 2018 may be enough, by end 2019 certainly enough.
2. I fear I won't be approved for a loan until nearly August 2019.
1. Seek out seller financing.
2. Syndicate a loan. ( I do not have a network yet )
3. Wait for traditional financing. ( end of 2019 - would force me to rent too long )
4. Get a co-signer. ( probably not possible with my family )
Any advice or leads on good brokers and agents, especially via Skype or phone, would be greatly appreciated.
@Zachary D. , you made it home so you are a US citizen?
If you been filing US tax returns while in Japan (legally you should have) then even with a lower credit score you could possibly get a loan. if you didn't file then you can still do so.
Lenders want at list 2 years financials and credit score.
you could possibly House Hack a small multi family 2-4 units on very good first home buyers terms, which are often with very low down payment.
You need to talk to good lender - please feel free to MSG me and i can refer you to one that I work with.
The Texas market been one of the hottest markets in the County for the last 3 or so years, have you looked at the price point you can target?
@Hadar Orkibi - Thank you for the reply!
I was indeed filing, but I was exempt for paying any taxes as I was also filing in Japan. I was employed there for around 4 years and had a small business there for the last two with a very low income. I also filed during that time.
My income would allow me to spend 200-230k on a home, although I'm not prequalified for anything. If I waited until end of 2019, I could afford more.
I will message you for the lender's details. Thank you.
As long as you filed and you have a deposit you should look in to it.
some home buyers loans only require 5% or less down.
The key is that you still need to buy well and make your money when you buy if you want to get a head.
I actually have all of my paystubs and filings from that time, so I'm glad you said something.
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