Rochester, NY · Member since 2015 · 9 posts · 1 vote
Hello everyone. I’m new to the RE world and have a few questions. When I’m ready to use my own money to purchase a property from a motivated seller, will the bank allow me to take out loans if they see that the funds that I have saved up came from RE investing? Is it best that I wait until I have enough money saved up so that I don’t even have to take out a loan for my first deal? Or is this something I have to talk to the bank about? I know banks want to see reported taxable income and I don’t want to cause any red flags or have IRS get involved.
Gulfport, MS · Member since 2017 · 48 posts · 17 votes
8y
@Mark Hooks, the BP site has lots of blogs and podcast that cover some of this information. Unless, you have buckets of cash stuffed inside your mattress, you should finance. First thing you will need to do is get your credit scores and all of your financial records together. Then, head to your friendly banker, or lender, even someone you meet in your local area on BP. They can answer a lot of these questions for you. A loan can be obtained is the bank/lender requirements are met. Its all about the money. Do you have a w-2 job or an inconsistent employment? The IRS knows what you have.