All Forum Posts by: Harrison Hodson

Hi BiggerPockets community!  Thanks for being so awesome!

My name is Harrison, my girlfriend and I are thinking of moving to Portland, OR.  I have a remote job, so I can work from anywhere, and we'd like to plant some roots as soon as we can! 

I make about $4,200 per month (gross) as an independent contractor (1099) for an international company.  Really, I am an employee that makes the same amount each month, but because of the international relationship between my employer and me, I am a 1099 instead of a w2. From what I know, I will need to have a two-year work history to get a loan for a house.  I will only be coming up on one year of work history when I would like to buy a home (Spring 2020).  And if its 2 years of tax returns, I'd have to wait even longer because I started my current job in April of 2019 (leaving out 3 months of income to show).

I don't want to throw money down the drain by renting an apartment until I can get approved for a loan in 14-30 months. 

I have a phenomenal debt to income ratio and my credit is 760.  

Is there anyone out there that would give me a loan for a house?  Seller financing??  Help!

Thank you so much!

With gratitude,

Harrison H.

Thank you! I appreciate that insight!

Hello everyone!

It is my goal to either buy, or get into a rent-to-own property (either single family or duplex), in Colorado Springs.  If anyone could help me find good opportunities for rent-to-own especially, I would greatly appreciate that.  Also any advice as well.  I am 25 years old and I earn about $45,000 per year

Hey BP!

I am just starting out in the world of REI, and I'm trying to get a better idea of what types of packages people are putting together to show lenders/investors for potential deals. Does anyone have any example project proposals (or live ones) that they wouldn't mind sharing as simply to learn from its contents. I would love to see any powerpoints or word docs that have been used in the past to show a property to an investor.

Also, is it pretty normal for NDA's to be included with proposal packages?

Thanks for any and all help!

Harrison 

Thank you everyone who took the time to help answer my questions!

Awesome!

Thank you Kevin! Ill reach out..

Harrison

Hi BP!

I'm just curious how people are structuring their Private Money loans for real estate deals...

What sort of interest rates are Private Money Investors getting right now?

Is the loan for the term of the project, or for 1 year?

Is a promissory note or deed of trust provided?

Also, for equity partnerships...

Is it common for build-out labor and materials to be included in the loan?

or combination of investors' land purchase and construction loan?

How is title held in Joint Venture projects with multiple investors? (say 500k each)

This is all just out of curiosity and trying to wrap my head around how these can be structured. Thank you for any and all advice!!

Harrison

Ok that makes sense!! Thank you Bruce!

Any good clubs or events that you might recommend?

Harrison