All Forum Posts by: Darren Wagman

have you added in PMI insurance for not putting down 20% and you have to live in the property for 3 years if you accept the tax credit or you have to pay it back when you sellearly, thats what i heard just to let you know.

yea i'm with tom i think 700 in debt a month is pretty high for 20 years old and for how much you make why would you want to get something so expensive start out with something cheaper. I really dont know the prices in texas, i would try for something under $100,000 that needs some rehab or improvements and have your friends help you fix it up i know my friends would if i charged them a little less in rent living with me, and then rent the otherside(if vacant at time of purchase)

i know in my area they want you to have 10 to 20 percent as reserves in the bank, good credit(not sure of the minimum but around 700),you need to use another property as collateral and a great exit strategy,preferably multiple exits to save your own butt. i see 70%-75% LTV

i started in real esate by thinking i needed my license, i think it def. helped to learn a lot and i have met a lot of connections in the business. now, i wish i didnt have anymore and just could invest so i'm trying to make the switch especially with all the fees i have to pay to be a realtor... if i could start over i would not have gotten the license but develop a team of professionals,multiple realtors to help me along the way, i know of a bunch in my area that help investors and do very well at it.

I'm pretty sure you cant do this anymore from all the lenders that i know at least in my area...

thanks rich... i'm mainly looking for rehab now but had to have collateral to get one so i figured on buying my first personal home to do this...i know i can get investors also but i also wanted to get out the parents house haha. so i can kill 2 birds

i'm looking to purchase my first property for me to live in. I'm hopefully going to be buying it at auction here soon and i was wondering if i get it, how long will it take to be able to use it as collateral to buy an investment property as well...if there is even a certain time i have to wait. any feedback would be great.

Thanks

I started working at 15, i hated school and didn;t want to go to college but my parents were resilient. so i went,started playing poker and made a good bit of money so i dropped out of college and thought it was going to be easy from then on...but no it is very tough. got many more jobs then finally got into real estate by getting my license at 21. after being in the biz i decided i did not want to sell anymore and wanted to get into investments but have yet to buy anything...i'm very close at 23. It will be a rehab 3 unit. i want cashflow so i'll be getting bigger apartment buildings eventually and maybe some flips down the line..i've had 15 diff jobs already and i'm still working a night shift for quality control as i'm writing this.

how do you guys feel about a business line of credit to buy a property then refi when possible? and how long would it take to refi after getting one of these loans or a HML loan?