All Forum Posts by: Isiah Ferguson

@Cary F. @Lesley Resnick Okay leverage is a great approach, i get that part. BUT how do you control your Debt to income without a W2 ? I had a W2 job at 1 point and saved a 100k and most banks turned me away to do a 20% downpayment on 100k property because i didn't have the job no more. They told me i need too have 2 year tax returns, i couldnt show that beacuse i only worked 1 year. Instead, to get started i dumped all my cash in 1 property. Now that i have a free and clear property, im looking to refi to get my cash back because i purchased the property at 81% ARV. This was 8 months ago and im running into the same problem still with a property under my belt and with a lil above minimum wage job as well. Speading the 100k around to 4 properties sounds great to be leaverged and to increase my cash flow etc but how do i get around it ?

What about when you first starting out and you have the cash but don't have the W2 anymore and pretty much living on your saving at the moment but have enough cash for a downpayment on a property that cash flows ? @Mike Dymski U will need 2 years proof of rental income to get approve by banks with lower rates correct ?

@Shawn Ackerman I understand that part. We have a great deal at the 2% rule. now the underwriter ask for 2 years W2's. What if you have the downpayment for the property but your W2 doesn't support your debt too income ? doesn't that become and issue for the bank to loan to you ?

I see that there is alot of different pros and cons with dealing with free and clear VS leverage. As far as Leveraging doesn't Debt to income play a factor ? if someone spead 100k around too 4 different properties, don't you need the proper w2/income for loan security or so that the bank feels comfortable loaning you 400k ? @Shawn Ackerman @Joe Villeneuve

I'm interested and also a cash buyer. PM me.

CONGRATS

AWESOME

Congrats. Great work and way to get started. That's pure motivation, thank you.

@Brian GarrettWhy wouldn't the BRRRR with your own personal money ? rather than OPM

@Isaac S. Thanks, I'll definitely check it out.