Skip to content
Classifieds

User Stats

41
Posts
1
Votes
Ryan L.
  • Denver, CO
1
Votes |
41
Posts

Bartender and aspiring investor - how do I get financing?

Ryan L.
  • Denver, CO
Posted Feb 28 2011, 23:49

Hey everyone,

I'm a young guy in my mid-twenties and looking to buy my first investment property, an REO in the Denver metro area. I'm keeping all my options open whether it be to fix and flip or fix and rent. Here's my problem, although I made great money in the last year working for an investor (who paid me cash), tending bar and collecting rent off my property back in NJ (which was passed down to me from family), it was all cash. My W-2 shows nothing but the $2.00/hr I made from tending bar. I have a respectable net of savings and will have capital from the property once it sells (it was mortgage free).

Do I have any chance of obtaining financing or am I going to have to do an all-cash deal? Can I show them the capital I have (assuming I sold my condo back east)? I'd rather not say the number but it will be a significant amount of money, along with what I've saved the past few years.

My #1 would be to find a duplex/triplex/quad, live in one and rent out the others. This would get me any favorable tax incentives for being a first time homeowner. I also am very open to buying a single family REO, live in it while I rehab it and then hope to flip.

Sorry if this was long. I appreciate all your time and assistance, thank you!

Loading replies...