All Forum Posts by: Frank Geiger

You're in the right place to expand your network. Most of us have made mistakes; you can only learn from them. Wish you success in your investing.

Wow... are you not protected by free speech? Hope you have a good lawyer. 

You may be able to find/negotiate deals off the MLS. If you want to find built in equity, it's usually off market deals that need some work. The VA will lend on these properties if it is livable so look for a house in decent condition that just needs some cosmetic rehab.

You need to start with a few basic financial principles: Earn more, spend less, and save enough to get into a low downpayment mortgage like the FHA. I hear lots of stories from city folk house hacking with rooms in expensive markets. That may be a strategy to explore.

@Waleed Abdulrab I'd work on getting another job to get a few months of proof of income. That's one of the first questions on every application. Or try a non-standard loan like HM (but interest and holding cost to REFI will be much higher).

This previous post should answer some of your questions.

https://www.biggerpockets.com/...

It's a small price to pay to have it done right. Definitely don't recommend it.

How do you plan on fixing up the property with no income? 30k will go quick and the holding costs/unforeseen expenses on a first purchase will be killers.  

I agree with @Jaysen Medhurst. They can also raise the monthly fees and send you into the red each month. When you analyze a property on a 30 year mortgage, you want more predictability. Additionally, check to make sure the association lets you rent the Condo when you are done living there. Sometimes they don't. 

Talk to more banks. Ask about their underwriting process to find out where you fall short. Asking for a certain percentage is not realistic because each institution is different.