All Forum Posts by: Scott R.

Can you further explain the lease option and sub 2's, cant find much details on them. not sure what EXACTLY they are and how i go about obtaining them!?

Im 21
680 credit score,
no negatives on credit report
Im a waiter, my paycheck is tips..
havent been there long at all, just moved to texas.
NO ONE will finance me..
got 20% down for most properties im looking at..
dont know what to do. Cant get owner financing.. only
thing that might be somewhat possible is hard money..
but that comes with a price.. is it something to look into
when im interested in holding long term? looking into
rentals.. and I cant use my tips until 2 years.. so assuming
no job changes i cant even refi with a bank for 2 years!
Any suggestions!? how did you start!??
-Scott

properties im looking at are up to $50,000. last one i looked
at fit in the 2% rule, i offered 20% down owner financing, and
they accepted and then backed out..!

Yes, they counter offered, i agreed, checks were cut to title company and stuff, inspection and survey ordered, now there backing out... I mean the thing is i probablly dont even want him being my lean holder if i have to force him to be.. but its a ****** situation! damn!

I just got a notified by my realtor that the seller of a property I was buying is back out, for no specific reason.. credit was acceptable, down payment was what they asked, 20%, terms were countered and i accepted everything they wanted, full asking price, yet once the owner found out i was 21 he denied it. Didnt say my age on any of the credit reports we had printed out, something was said that im 21, and hours later he wants to cancel without any specific reasioning.. DAMN!
now what!?
-Scott

Awesome. Well this place will be a good resource to answer almost any question you'd ever have! but i have a question for you.. where you from!?

the small local bank where im located at the lady said you can have up to 10 home loans.. there capped at 10.. problem being if you use smaller banks/cu's then they will prob have to be where the property is located, if its a small credit union in florida theyre not gonna want a rental prop in texas.. I know the bank im dealing with (small local bank) will only loan out within like 100 mile radius.
-Scott

Resturant jobs.. from Dishwasher to Supervisor for a small chinese resturant.. but it sucked.. got my real estate license right out of high school but that never really took off... and im more interested in the rental side of real estate anyways..

Problem being if I sold the property I really wouldnt make much.. put alot into the property in the last year.. plumbing nightmares, heating system, ect.. prob wouldnt actually make any money. And so I sell it.. then what? I dont wanna sell it cause I already have a loan on it and dont really want to mess with that. Its not realistic for me personally to invest in Arizona. Just not an option.. im 21.. no great job, stashed money ect.. hard enough coming up with 10% of a $50K house.. but in tucson that $50K would be $150K and negative cashflow every month. Thats just not an option for me at this point..

Ok, sounds easy.. get rid of the car i prob owe more on than its worth.. pay off the credit cards.. but thats not realistic anytime soon.., plus even if i had no debt my income is still from tips and I cant get a loan from a bank until its been stable for 2 years. Im looking to invest in something this week.. this month.. been looking for years now.. what Im being told even by banks are investment properties normally your going to see 8-9% ? no?

I say chances are slim.. one thing I have learned the hard way and read 100 times on this board in the last few days.. 50% is going to be expenses.. so your going to cut your rent in half, and only be able to pay your mortgage out of half of the rent.. anything left over is cash flow.. Recently moved from Tucson.. active member of the phoenix MLS and tucson MLS.. dont think theres MANY if ANY properties I EVER EVER found in those areas even not on the MLS that would cash flow with those terms. Thats why I moved to Texas! :lol:
-Scott