All Forum Posts by: Seth Wyatt

ANY YOUNG/NEW INVESTOR HAD THIS PROBLEM ?? PLEASE HELP. 

Looking to purchase my first rental property, only problem is getting approved for the loan. Have a good score, but a short credit file so can’t get approved by myself. The two options i have been given is either

A) Have a co-signer. Easier, quicker route but I believe I would have to pay closing cost at the time of purchase, and then pay it again in 6-8 months when I was established and wanted to switch the property to just my name.

or

B)Transfer all of my cash to a CD, use the CD as collateral for my loan, and then switch from using a collateral loan to a real estate loan 6-8 months in after I have established a little bit more credit history with my bank. This option would tie pretty much all my cash up for 6 months or so.

Any one ever dealt with anything like this? Which option do you recommend? Is there any other option to deal with this?

I'm looking to start up a business/invest in real estate.  I have saved a pretty good sum of money, but I am still searching for ideas.  I live in a smaller town of 14k people surrounded by a few thriving steel mills.  Any ideas of what I should look into bringing into my town?  From restaurants, to bars, to consignment shops, any input will help.  Or should I pivot to real estate, and just purchase a couple of rent houses and go from there?  I have thought about the real estate part, but worried about having to renovated myself as well as paying someone to do it for me.  Thanks for any input!  I work a swing shift, 4 on 4 off, so I have a good deal of free time.  Thanks for any input in advance!