New small time investor in need of guidance!

New small time investor in need of guidance!

Los Angeles, CA · Member since 2018 · 5 posts · 0 votes

Hello BP fam!

I'm a newbie based in Los Angeles, CA trying to get in the game, and I've been stuck in a rut with analysis paralysis trying to get started on my first deal. I need all the help I can get!

A little about myself:
I worked in fashion and social media since I graduated from Pepperdine University with a BA in Advertising, and a minor in multimedia design. I'm a crazy chill cat lady, and that's my cat Loki in my avatar photo. She's 1 out of 3 cats. I started developing interest in real estate within the past year and have become a big fan of Bigger Pockets. I've been actively seeking out deals, but haven't gotten prequalified for any loans, and that's one of the obstacles I haven't surpassed yet.

What's been holding me back were my tax returns and the fact that I don't have a consistently paying job. I work as a freelance fashion stylist / graphic designer / fashion blogger / social media manager. However, my 2017 tax return is solid and demonstrates an increase in income from 2016. However due to the inconsistent nature of my job, I'm worried that getting approved for a loan may be very difficult. 

I have an investor that can help me pay for the down payment, so that's not a problem in getting a deal. I've also been speaking with Kurt from WC Equity Group in Florida (*note: if you have worked with Kurt or have any experiences with WC Equity Group, PLEASE LET ME KNOW IN THE COMMENTS BELOW!) and he has lots of listings that are under $150,000 with a high cap rate. Hmm...seems too good to be true. I'm a big skeptic and being that I'm on the other side of the coast, it's hard to go forward on these listings. 

If you have any helpful advise on investing out of state or have an outline on the process of getting my first rental property (i.e. get preapproved -> find home -> send inspector -> make offer? -> send contract? -> closing cost? -> .... I have no idea, this is why I need help!) please let me know and teach me your ways!

0Reply
11 views

7 Replies

Jump to latestLatest
  • Las Vegas, NV · Member since 2014 · 732 posts · 137 votes
    8y
    Great to see you on this form welcome here. Awesome platform for people that like real estate! If you have an investor with cash maybe you know someone with a real job that could qualfy for the mortgage give him small % of deal. my suggestion if your new stay close to home. Interested in what you do online. Leave your contact info lets chat maybe we can colaborate somehow?
  • Real Estate Agent · Chicago, IL · Member since 2017 · 715 posts · 138 votes
    8y
    Welcome to bigger pockets ! It’s great that you’re taking steps toward your goals by signing up on the forum. Good luck on your rei journey!
  • Basit SiddiqiBusiness Member
    Accountant · New York, NY · Member since 2015 · 8k+ posts · 3k+ votes
    8y

    @Eunice Kim

    The only way to know whether or not your tax returns/earnings will play a factor in qualifying for a loan is to call a couple lenders up and see if you qualify.
    Just call up a couple lenders today - it shouldn't take too long.


    If you are interested in doing a deal with an investor across the country - go spend the $500 for an airline ticket and meet with him in person and see if hes the real deal.
    If you are thinking of investing close to $150,000 - you owe it to yourself to spend $500 on an airline ticket to see him.

  • Los Angeles, CA · Member since 2018 · 5 posts · 0 votes
    8y

    @stevehaight

    Unfortunately my investor is also self-employed and cannot sign the deal with me. If there is a need for a cosigner, he would do it, but it's not preferred.

    Do you have any deals or would you want to collaborate on a multifam property in Reno?

  • Los Angeles, CA · Member since 2018 · 5 posts · 0 votes
    8y
    @Steve Haight:
     
    Sorry I don't know how to tag people yet, so please see the above reply
  • Los Angeles, CA · Member since 2018 · 5 posts · 0 votes
    8y
    @Aziz Raji:

    Welcome to bigger pockets ! It’s great that you’re taking steps toward your goals by signing up on the forum. Good luck on your rei journey!

    Thank you Aziz!! I wish you the best in your REI journey as well!

  • Los Angeles, CA · Member since 2018 · 5 posts · 0 votes
    8y

    Yes! That's what I was thinking of doing as well! I'm planning on visiting Florida to meet WC Equity Group and see the properties in person. But I won't be able to do that until May so I'm just waiting until April is over. As for getting a preapproved quote, I'm going to be reaching out to multiple lenders, but I hate how they start calling you nonstop though. I had to block a couple numbers from Quicken Loans because it wasn't going anywhere and they wouldn't stop calling me everyday! But I'll get over it and bite the bullet and try to get it

    Do you have any tips on what I should ask them? Or how to assess the different properties and the company itself??

Join the conversationCreate a free account to reply, vote on answers and follow this thread.