All Forum Posts by: Carson M.

Thank you for the reply. I will approach the bank sooner rather than later, even if the home is not sold yet. In the market I'm located in, I could definitely buy cash, but would rather capitalize on the low interest rates and acquire more than one property.

Could you and your partner form an LLC? As the LLC, you could put in a 50% down payment with his money and the bank would only see the LLC as contributing to the purchase price

Hey all-

I am 19 years old and looking to pick up 1-2 rental properties in 2014. I have owned a landscaping company for the past 3.5 years, and have grown it to net around 40k for 2013. However, I was unable to form a business before I was 18 due to laws in Michigan, and did not record any taxes for the first year and a half. For 2012, my taxable income was very low due to shielding reasons. This year, I am running more through the books to try and apply for a mortgage.

With that being said, I currently have a flip on the market that I have 50% equity in. My father bought it under his name, and we are selling it for an estimated 50k profit.

I am wondering if there is any chance a bank would lend to me. My bottom line is:

1)little to no realized income before this year (still have some income shielded)

2)After the sale of the house, my savings will be close to 85k

3)My credit score is sub par, below 700. This is due to having a small credit limit and only having a card for the past 8 months.

4)Could my dad co sign my mortgage loan? He has sufficient debt-income for a personal loan and outstanding credit.

5) I found a small bank that keeps their mortgages in house, but want to wait to approach them until after the sale of the house to show them my padded savings.

Thank you

Thank you very much! Forgot to mention it is listed at $227,000. It was bought as a duplex, with the intent of renting it out. With the numbers not quiet working out, the decision was made to flip the home instead. As soon as this is sold I am hoping to buy and rent.

NEW

My first investment property is officially on the market. Purchase price was $125,000. Roughly $25,000 in repairs, $3,000 in holding costs so far. It has been a four month process with myself and my family providing the labor.

OLD