All Forum Posts by: Patrick O'Brien
Patrick O'Brien has started 6 posts and replied 13 times.
Post: Taking Action Bay Area California
- Oakland, CA
- Posts 14
- Votes 2
Thanks Aaron!
Where do you find multifamily properties? At the moment I'm working on my real estate license and don't have access to MLS. Seems to me zillow, redfin don't show commercial properties.
also, without 2 years of income for the banks how will I get approved for a FHA loan? I understand you can use the going rent in the area toward your "income". I'm still very lost on how I would get approved with essentially only enough money for down payment.
Post: Taking Action Bay Area California
- Oakland, CA
- Posts 14
- Votes 2
Newbie investor, longtime lurker.
What do I need to do to get the ball rolling? I'm 24 yrs old and have made some money on investing. I now have enough to put money down for a mortgage. With that being said I am self employed and have never had a good job. Finding a mortgage is going to be my biggest hurdle. I'm Located in a really competitive market, Bay Area, CA. (Homes are all over 500K) I have been researching all sorts of properties and understand bank owned properties need full cash. What I don't know is what type of properties I can get approved loans for ect.
Where can I find good wholesalers in the Bay Area, California?
Best advice you have for a rookie that will have trouble getting a loan can put down 20%?
Bigger Pockets-
First timer here!
My names Patrick and I'm Super excited to become part of the community, eager to meet many of you and learn for your experiences.
Looking for some advice as i'm a new real estate investor and have lots to learn. I've been looking into purchasing property and now have a goal of purchasing within the next 6 months. I have enough money to put down a mortgage but don't have 2 years of job income. My biggest hurdle will be finding a lender to work with me . Any advice on how best for me to get started in the real estate investment game without 2 years of income to show lender. Actively pursuing foreclosed fixer upper properties in my area but know without a lender many of these properties I wont be able to own.
Few questions:
Where should I be looking for lenders that will be ok with very good DTI ratio and can put down a significant % but will need loan with minimal income track record?
What programs do you use to look for properties besides the MLS?
Any other advice or comments is always appreciated, Thank you!
Cheers!