All Forum Posts by: Shannon King

@Brian Adams This is my friend I was talking to you about. 

You can't go wrong with @Brian Adams. I live in Killeen currently and he has helped me tremendously in the past year or so, great guy and knows his stuff.

 Already have good maintenance guy :)

 Yes I am a member of NFCU. I am looking at a duplex property that the owner is trying to sell for 60k and would finance it to me with 18k down and $477/month note for 10 years. Says that rents combined are $970. I could do this but the property is a bit old and i am not just going to jump into something. I have checked out many deals and just waited. I really want a newer duplex or 4 plex and thus my question on the loan

 you think so? I know GI BIll does not count as income

 Where would I look?

?? I would be the managing partner. The other guy mentioned doesn't know much about RE and i would have the majority share. Yes I am bringing the knowledge and downpayment to the table and just using his income.  Since he is bringing not much to the table but his income we were talking 80/20 or 90/10 my way.

Hello everyone on BP, I am looking for advice on getting a loan for an investment property. I am no noob to understanding RE investing but I need help with assembling capital. Here is my conundrum: I have good credit (730), a decent bit of money available (around $37k), have my car paid off, have a secured loan out that pays itself back to build additional credit, but I do not think I could get a mortgage because of this: EARNED INCOME. I recently exited the Army and am using my MGIB to go to school. I get $1717 a month from that but I pocket all of it and pay for my classes with FAFSA and pocket that remainder. I work part time earning around $700/month. Also receive $564/month in social security for my daughter because her mother died last year and my roommate pays me $300/month. So every month i have about $3200 coming in.....but the bank would only count the $700 from the part time job I believe.

What about a joint venture? If my roommate has a fulltime job could he and I go in on a loan? He has no credit but has good steady income and i have good credit and downpayment $$.

Any other ideas?

Hello everyone on BP, I am looking for advice on getting a loan for an investment property. I am no noob to understanding RE investing but I need help with assembling capital.  Here is my conundrum: I have good credit (730), a decent bit of money available (around  $37k), have my car paid off, have a secured loan out that pays itself back to build additional credit, but I do not think I could get a mortgage because of this: EARNED INCOME.  I recently exited the Army and am using my MGIB to go to school. I get $1717 a month from that but I pocket all of it and pay for my classes with FAFSA and pocket that remainder. I work part time earning around $700/month. Also receive $564/month in social security for my daughter because her mother died last year and my roommate pays me $300/month. So every month i have about $3200 coming in.....but the bank would only count the $700 from the part time job I believe.  

What about a joint venture? If my roommate has a fulltime job could he and I go in on a loan? He has no credit but has good steady income and i have good credit and downpayment $$.

Any other ideas?

Say a property I'm looking at is one of a few that Joe Builder/Investor has recently built and sold.  They are all exactly the same duplex and he asks X amount for them all he says. Is there anyway I can see what he ACTUALLY sold his last property or two at to have a better idea of what he will most likely come down to?