All Forum Posts by: Patty Nisbet

@Kelly Claiborne

Lack of consistent income shown. Being self employed and not showing what we really make has been a huge barrier for me. We make enough but write everything off so it shows very little. So Money! If I could find the right deal and could get started then I would love to get started.

Also, I think a couch mentor would help since I need to talk things through.

@James Carlson

Thanks this is a big help. I do have a family so you are right. I would be up for more of a basement situation. My debt to income ratio is good and I do have a down payment but was hoping to look into down payment assistance instead to use the down payment I have for emergencies or to fix up a home a bit if I need. Yes, for a long time I chose to go under the table and wrote everything off. Now looking back that was stupid because now it is hard to qualify. This year I don't plan on writing anything off to show income but know I may need 2 years of that. I guess I look at this investment stuff that I have a goal of 2 years to start and make things right. I hope by some miracle I could start sooner. At least I know better now. I am very excited to start owning properties. I feel very late in the game I won't let that discourage me. 

Thank you for the advice.  

I have been reading a ton of books about investing. I know I want to buy buy and hold properties. I have a small savings but want to keep it for emergencies. I currently rent myself and would like to buy a house one day but have been self employed and write a lot off a lot so it is hard to buy. I  also have some years with W-2 mixed in so that has also impacted me in the opportunity to get a traditional Mortgage loan.  Mortgage lenders say I have to have 2 full years showing self-employment or 2 years of w2. I can't have a mix. Anyway, I read one forum that if you buy an investment property first then it can impact you buying your own house. Is that right? 

Then I thought maybe of house hacking but living in Denver I just can't imagine being able to find a house that I can afford and not sure how to get financing being self employed. I was looking forward to having this year as all self employment so that it looks good to lenders but most recently since COVID I had to go on unemployment. I will start working again soon but now I feel that is going to impact me in getting any financing. 

Either way, should I wait to invest for when I can afford a house for my family or are there ways to start investing through house hacking in Denver? 

Or should I try Buy and hold first? I think I may have to do it through seller financing if I don't have too much to put down. 

Any suggestions on how to get started based on this situation?

@Oscar Cardenas Thank you! This was very helpful! 

I am just starting out. I was hoping to get in site from members. After reading tons of books, listening to Youtube videos and reading forums on Bigger Pockets I know I want to start in Buy and Hold properties. 

Questions I have:

How do I learn the best market to buy Buy and Hold Properties? 

What is the best financing for someone that doesn't have much if anything for a down payment? I read there are ton of creative ways to do this and hoping to learn if others started this way and what creative ways you did this? 

Also, what has been the best way for you to find and build a team such as Real Estate Lawyer, accountant and real estate agent. 

Is it worth having a property manager to manage the property on your first one or should we be the landlords until we start to bring in income? 

Should I wait a bit to learn more what is going to happen with Covid since there maybe many people not paying rent? 

Thank you for your help! This is my first post and I am very new to this!! Thanks in advance!