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Looking for some help please

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  • Posts 2
  • Votes 1

Evangelos Mavros

posted 12 days ago

Hello everyone I am brand new to the community and need some help if possible .I have been reading books trying to learn as much as possible before I make my first move into either a renting property or A flip in an out of state property,  I am from NY... don’t think I need to explain why I want to invest out of state 😆

Now my situation is a bit tricky ... I have around 60k saved and want to have minimum 100k before I make a move BUT I have no income to show for. Past 5 years my taxes show 10-15k only, my credit score is pretty good btw

My question is this, is there any ways around this ? Can I somehow get a loan from a bank? Or do I have to go to private lenders ? Any help will be highlY appreciated! 

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Check Rosette Top Subjects:
Rentals, Analyze Deals, and Team
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Nathan G. (Moderator) -
Real Estate Broker from Cody, WY

replied 12 days ago

You have to talk to lenders to get the answer, but it doesn't look good. I have a friend that had 25 rentals. He sold most of them and had nearly $500,000 in the bank, but the banks wouldn't give him a mortgage because he didn't have any income after selling the rentals.

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Evangelos Mavros

replied 11 days ago

@Nathan G. thank you

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Check Rosette Top Subjects:
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Dmitriy Fomichenko
Solo 401k Expert from Anaheim Hills, CA

replied 9 days ago

@Evangelos Mavros

Welcome to the BP family! Glad you joined the best real estate investing website!

Check out BP Podcasts: https://www.biggerpockets.com/podcast

Wishing you the best!

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