All Forum Posts by: Jacob Paredes

I think you are putting the cart before the horse here. REI is not easy and investing out of state, on a rehab no less, does not make it easier. First, how will you pay for the house? Do you really want to use all of your savings to buy a house? Being self employed, it will be difficult to find a bank that will offer financing to someone without a W2.Where will you get money to do the renovations? If you were to find a bank that would provide financing, a credit score of 670 - 700 is not a great score. You will not get the best interest rates. The best interest rates go to those with a credit score of 750 and above. I would suggest that you spend the next several months listening to the BP podcasts; reading through forums to understand the different approaches; and use your income to pay down your debt, increase your credit score, and increase your savings. With regard to getting a feel for how much a rehab should costs, there are plenty of forum posts on that, as well as J Scott's book on estimating rehab costs. Finally, join your local REIA. You can look up any local REIAs under the networking tab above. Good luck.

Thanks, I appreciate the response. Roughly what difference in interest rates would I be looking at from 650-700 to 750+? Will not having a W2 always be a problem? Will I need 2 years tax returns or how else can I prove Income? How much in savings would you say I need if I was looking to do a Reno and rent on a place that's 100k? If it wasn't out of state would your advice change much? I will be looking into getting into a group and attending meeting. I have finished up a few books on out of state real estate and a few in local. I do realize I am getting ahead of myself but that is my personality type haha. I would like the Fastest way, not the safest, to get stuff done. Thanks again for the response.

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Hello, I am new to real estate investing and I waa looking to get into out of state rental properties. I was interested most in the BURRR method and holding long term. I don’t have much savings about 10-20k but my income is high 10k avg and self employed. My credit is not bad 670-700. I am wondering if anyone has any advice or words of cautions for my situation. Also if anyone can suggest a good way to get a feel for how much a rehab should cost without doing one let me know. Thanks

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All Forum Posts by: Jacob Paredes

Jacob Paredes has started 1 posts and replied 2 times.

Post: High student loan debt/high income low savings

Post: High student loan debt/high income low savings