All Forum Posts by: Dane Fenner

I'm planning on attending

I have been looking into Lending Club for a few weeks.

I was thinking about using this site to consolidate my consumer debt with apr ranges from 0% (temporarily) to 20% over multiple lines of credit.

My credit score is Great and enough in savings to pay most off the debt but that would leave me with no emergency funds in savings.

My goal is to pay off all consumer debt to save capital for real estate investments and better my chance for a second mortgage

Any thoughts ???

I actually log on this morning to ask the very some questions, hopfully we'll get some good responses.

@Dylan Gelbard It would be best to come out to some of the REIA group meetings in LI and NYC, there's a lot of experienced and like minded investors there, like myself

Good Luck

@Cherise Martin Might be best to present what you could offer the mentor and/or why it would be worth their time to mentor you.

@Stephen Underhill I think at this point its best to stick to your original goal of obtaining a multifamily. During your searching process I would save and learn as much as possible.

Even if you get qualified for a FHA loan at 3.5% you'll want to have cash reserves and if you've saved enough by then to put 20% down you can avoid paying PMI on the mortgage.

Waiting and obtaining the right Multifamily will also make you more appealing to a private investor when the time is right to purchase your second property

I think the best approach my be to what you husband suggested and offer 600k, you can tell them your suggesting 600 rather than 650 to save on the Realtor fees.

I would also let them know you will not be able to obtain a mortgage for anything more then 650k based on the inspection.

In short the think the best approach is the upfront and honest apporach

Rick, I'd love if you would provide me with your opinion on this property and the area

@Patricia Milward I usually attend the REIA meetings Located in NYC, I actually live in Queens but walking distance from the boarder of long Island. I would love to learn more about the seminar you mentioned, is this local?

Yes you would be the Owner and Landlord,

I would stay away from co-ops and condos unless you find a steal or you NEED housing.

Multifamily can include houses too, there are two family homes. You could purchase a two family home with a basement or attic and convert the basement or attic into your living quarters. This way you'll have two tenants who would carry the cost of the mortgage and live for "free".

Multifamily homes you would make more but your more exposed to risks. You also have to consider the months when the extra units aren't been rented.