All Forum Posts by: Aaron Pike

Hi all,

I had saved up about 50K for a downpayment and have approx. 75K in other investments as reserves but made the mistake of switching my employment to all self-employed last year and I was denied a loan because I can't prove current income till I file my 2016 taxes. I have no debt (besides nominal credit card expenditures which are paid off at the end of the month), 786 credit score, plenty of money for a down payment and reserves but what are my other options to getting a loan?

I have read other posts about partnering up with other investors or commercial lenders being a possibility. Anything else?

Thanks!

@Jared B. I will have to look into the IRA withdrawal. You have the risk tolerance I wish I had! And I definitely have a lot more research to do before pulling the trigger and jumping in. Thanks for the insight.

I just joined BP today and very excited to interact with the community here. I am sure this question has been posed before (I searched recent forum posts but didn't see exactly what I was looking for). 

How much did you have in the bank when you purchased your first property? AND, looking back do you think you were too conservative or too risky in making your first purchase?

My stats (no laughing):

Cash: 40K

Retirement: 70K (403b, Roth-IRA, SEP IRA)

No Debt

I am sure this question has been posed before (I searched recent forum posts but didn't see exactly what I was looking for). 

How much did you have in the bank when you purchased your first property? AND, looking back do you think you were too conservative or too risky in waiting to invest? 

My stats (no laughing):

Cash: 40K

Retirement: 70K (403b, Roth-IRA, SEP IRA)

No Debt

@Roy N. Thanks so much for the recommendation! 

Tyler, welcome! I just joined and very much in the same boat. Do you ever come over to SF? It'd be great to meet and talk through your plans. I probably can't answer all your questions but it would be nice to meet a fellow newbie to the real estate investing world. 

I am located in the Bay Area and currently a classical musician. I have always been interested in real estate and looking for a change. Wanting to buy my first rental property in the next 4-6 months and flip my first home in the next 1-2 years. I have a lot to learn and hoping to find mentors, colleagues and friends who are willing to meet, talk and tell me the story of their successes (and failures).