All Forum Posts by: Jeska Summerfield

Thanks John Silva! How did the loan work for your family/friends? What was their return? Did you have to start making payments to them right away? Or do they get paid in full, with their interest or percentage after the sale?

Hey all! I'm ready to buy my first home, but I've been hesitant to pull the trigger on pre-qualification. I reported very low income for the past 1 years, less than 10k, 1099. I've been working as an estate property manager, and made a great income while I was managing vacation rentals, events and weddings! The property sold and I stayed on as a caretaker only, with barter for all utilities paid 2 bed home, but no pay. I worked on the side, but not a lot! Now I'm in a different area and working as a property manager again, managing airbnb rentals. I want to buy my own place, and fix/flip while I live there, house hack/airbnb while I live there or in RV, etc. My sweetheart is a construction project manager, we're expert painters, and we're experienced with most aspects of remodeling. We just need to get one small successful project going for ourselves!

Problem is the income history. I have a 748 credit score, and 10k to put down. I may be able to get a private loan from my former client of 30-60K (he said to ask him again in August). What are my best options? Just go to a credit union and see what I qualify for? (possibly nothing!) Use the private loan as 20% down on an investment loan? (Where can I learn more about how to do that without screwing it up?) Try for a usda loan? Or should I just wait 2 years while I make more money? I really don't want to wait! I want to move asap, and don't want to waste money on rent ever again! Lol!

All advice is deeply appreciated! 

Thanks Hamde Farha! I'll reach out when I'm ready! 

Hey Adekunle! I would love to attend the meeting if I'm able! How often do you meet? Is it always in Redlands?

I'm looking to buy a single family home that I will live in for a year or 2 while I make repairs and upgrades. If I'm able, I'll build a granny flat to live in while I rent the house on airbnb. The other option is to buy land and build. I have 2 shipping containers full of architectural salvage. I can use it to turn the containers into tiny houses and rent them out on airbnb. I also just got an RV, so I can live anywhere really. I'm totally willing to sacrifice some comforts to reach my goals! 

I know I need to get pre-qualified, but I'm worried about my situation. I'm self-employed, and have a fairly decent gig as an airbnb consultant/property manager, but I just started in April, and my last 2 years tax returns show very little income. (I was a caretaker for a large estate in exchange for free rent, and didn't really work much otherwise. Kicking myself now, but it was a really nice vacation!) Other than that, I have great credit (748) and about 10k for a deposit. Not much, but I'm a first time buyer. I'm wondering if there's anything else I can do to improve my status before I apply? 

Hey everyone! I've been reading this site for weeks, and have learned so much! I'm excited to buy my first property! I'm not sure what I will qualify for though. What would be the right forum to ask for advice on what types of loans might be best for me, and how to get the best "pre-qualification" status that I can? Is there a place to get help brainstorming about funding?