Other Peoples Money (OPM)
Quick Recap: I got denied at my local bank for a mortgage due to my job history not being 2 years+ since I make an hourly wage plus commission on every sale (understandable). I'm going to still source out and call more banks. My credit score is 698 and I'm looking for an owner occupent for 1-2 years and then turn it into a rental. I have a down payment around 3-5k as of right now.
With me getting denied, its made me source out my options which I actually think is a blessing because if I would have got approved I would never have looked into it till later.
My question is, when using OPM,
How do you pay them back? is it just like paying the bank back on a loan? Or do you hope to refi and pay them back with the cash out refi $$? Im looking into Property Lending Group with Bob Green and they bring up selling the property for a profit goal of 20-30k do you have to sell it or can u keep it?? I'm just really confused on the whole situation.
Any advice on OPM would be greatly appreciated!!
Thank you! - AJ