All Forum Posts by: David Zheng

nice!!! congrats :)

you don't just go to a website, write in some numbers and poof, get a proof of funds. you need to speak with a mortgage officer to go through your income, assets, debt, etc. and see if you qualify for it.

You still haven't answered the question...how do you plan on buying this property if you don't even have enough for a downpayment

25% my cash and 75% family/friends. Ive saved a lot over many years and I have a huge social network so I just keep putting out on social media for those looking to make a good return on interest over a sub 10 year period. Most of them have money sitting in a bank so my offer was really good.

My best quality is my ability to draw high paying tenants. For a 2 unit,  people are trying to rent out at 1100, I can get at 1550.

don't wait dude! you gotta crank out the calls and analysis, but once the ball gets rolling, you can really get going

I asked a question like this before as well and didn't get many solid answers so I will give mine

I am 25 years old. started investing this year and am up to 5 properties. Cashflowing about $2600/month (rent is lower than I wanted so I will probably jack it up). I will be at around $8000/month when I've paid off the mortgage and investors. However I am also going to continue leveraging. assuming I continue to buy properties at 2-3/year until I'm 35 I should be at  close to 15k/month before taxes.

It can be done. I have a fulltime right now at 8 hours a day then I go straight to real estate mode for 6-7 hours. EVERYDAY. if you have the drive, you can do it

Honestly if PMI is the only concern, I would just do the 5% route and refinance later or continually put in extra per month to the principal until the LTV hits 78%.

Which would you rather have...lose a deal to someone else because you couldn't get 5-10k for the 20% downpayment quick enough or end up closing the deal with PMI and just paying the other 15% to end that PMI when you end up making that 5-10k in a couple more months

Find a co-signer with a parent or guardian.

your situation is super super difficult to pull off cause I feel like you don't have much capital up front for a downpayment, am I right?

Wait...if it's a 4 unit, why not just go with a conventional 5% down and live in a unit and rent out the other 3

your rate of 3.375% or whatever already signaled to me that it wasn't an investment rate but rather an owner occupied rate.

youre young enough that living there for a year wont kill you. However I'm also worried you wont get a loan period, because your income history is sooo short. Just thoughts to consider

Try googling...don't always look at only local banks. one of my mortgages is with a bank in NJ and I'm from the Midwest.

It's really really weird to me that none of your local banks will help you. Usually for a property in STL, I'm calling 30-40 banks in Missouri before I can even start working with one on a pre-approval.

Whats the purchase price on this one? Also are you satisfying all the below

1. credit score above 700

2. usually for investments look at 25-30% down

3. Debt to Income ratio of less than 45%

4. 2 years employment

5. no recent bankruptcies, etc.

I'm all about leverage as well. I'm basically in the rental market so if a tenant can pay a mortgage and pay me extra cash, why not. I also find a make a lot more business partners the more properties I hold.

banks will not take credit cards as part of a downpayment. Really they won't entertain any source of payment that is part of another loan. You would need gift funds from family/friends or have someone who has the downpayment to sign with you.