All Forum Posts by: Nick Kalinski
Nick Kalinski has started 1 posts and replied 6 times.
Post: Student Debt Hindering Mortgages From Banks
- Real Estate Professional
- Royal Oak, MI
- Posts 6
- Votes 0
I appreciate the advice. The majority of my loans are private and therefore are not eligible for an income based repayment plan. While I can knock my debt down, the monthly payments are going to be the same...Which means my income will have to rise. I am going to reevaluate my options as far as home buying goes
Post: Student Debt Hindering Mortgages From Banks
- Real Estate Professional
- Royal Oak, MI
- Posts 6
- Votes 0
I guess with 32k down, I have better chances at homes closer to 90k, but that doesn't leave me with funds to rehab, which is what my dad's investment was going to go towards... With a 10-12k down payment, are my options looking slim?
Post: Student Debt Hindering Mortgages From Banks
- Real Estate Professional
- Royal Oak, MI
- Posts 6
- Votes 0
Thanks Chris, but most of my loans are private and do not qualify for income based repayment
Post: Student Debt Hindering Mortgages From Banks
- Real Estate Professional
- Royal Oak, MI
- Posts 6
- Votes 0
Originally posted by @Jeff Rabinowitz:
@Nick Kalinski are you looking for an investment property or a personal residence? If it is a personal residence you will find it extremely difficult to find a private lender or hard money lender to assist you. The Dodd-Frank Act made the requirements for lenders making loans to owner occupants very stringent and the penalties for violating the requirements onerous. I don't know any private lenders who will take the chance. Many corporate private lenders closed up shop shortly after Dodd-Frank took effect. Dodd-Frankenstein "protects" people like you from getting help that was fairly readily available before it was passed. There is talk that it may be repealed with the new administration. We'll see.
Looking for investment properties. It will not be living it it as I renovate it.
Post: Student Debt Hindering Mortgages From Banks
- Real Estate Professional
- Royal Oak, MI
- Posts 6
- Votes 0
Thanks Christian. I have had steady employment for the last 4 years with salary increases for each new job. I am not too familiar with the area's you have described as far as good neighborhoods, I will look into those though... Thank you for the reply
Post: Student Debt Hindering Mortgages From Banks
- Real Estate Professional
- Royal Oak, MI
- Posts 6
- Votes 0
Long time reader, first post.
I recently graduated with an enormous amount of debt (>150,000). This is causing my debt/income ratio to be too great for many traditional lenders. I currently generate $3,200/month with student loans equaling about $1,600 of that. That is my only debt currently. I currently have $12,000 to put down on a house and access to ~$30,000 from my dad who is partnering with me. If it helps, I am in the metro Detroit area and looking to invest in SE Oakland county.
I am starting to think my options are a private investor (hard finding reputable companies to loan for my first flip) or a hard money lender.
Any advice on how I should proceed to secure finances would be greatly appreciated