All Forum Posts by: Jaime Arellano

Thank you @Mark Ferguson. So you think I should take that option and in the meantime try some of the other investing methods? Should I learn and try Wholesaling, Lease options, Subject to, Pre-foreclosure methods to make some cash to invest more?
Thank you

I talked to this Real Estate Advisor from this real estate company about investing in real estate properties. I told her that I did not have the funds for the the 20% DP for NOO properties and that I would consider buying an OO property that I can rent out after 1 year. Obviously the 3.5 DP for HUD or HFA loans is more affordable than the 20%. She told me that I could that, but that it would be more difficult to get another property after I rent that one out because of the increase in debt, thus affecting my DTI ratio.

I've read that the way to improve your chance of getting another loan is by using the rental property income to increase your DTI ratio. Has anybody ever been in a similar situation and what has been the outcome? I really want to get started in investing, but not sure if I should take the route and by an OO and rent after one year and then be stuck. Right now I don't have the money to buy a NOO property and I don't know if I should pursue a HFA/HUD loan. I'm also 1099 so would like to know how that would factor into the equation. Your assistance would be greatly appreciated.
Thank you,
Jaime

Thank you for your reply.

Good evening,
I have a question about being an independent contractor. I've read that it's much more difficult to get loans as a 1099 and then a W-2 employee. I'm considered self employed/independent contractor and would like to know how true is that statement. Anybody who's is 1099 who has had that problem?

Thank you,
Jimmy

Thank you Jimmy. I appreciate that.

Hello,
My name is Jimmy I'm a full time Interpreter and also part time Appreneur (developing apps for Apple and Android). I got interested in REI when I read Robert Kiyosaki's Poor Dad Rich Dad and Unfair Advantage. I immediately signed up a REI seminar to go to and I came across this website. I read the Ultimate Beginners Guide and found it very informative and easy to read. I have gained a greater understanding of REI after reading that guide and I hope to expand my knowledge even more on this website.

The main reason I want to be successful in REI is to have financial freedom: to do what I want, when I want and how I want. My ultimate goal is to escape the "Rat Race" and not live pay check to pay check and be able to contribute to my community. I think that's what we all want and to achieve that would be very satisfying.

After everything that I have read I find myself leaning towards the Wholesale, Buy and Hold market and eventually want to get into commercial real estate. I consider myself somewhat of a book worm and try to read every book I get my hands on so I'm about to start reading my next book on REI.

I hope to network with like minded people and hopefully find a mentor that I can learn from about all aspects of REI and help me take my business to the next level. I hope to establish long lasting relationships and hope to contribute as much as I can to this community on the forums.

Happy Investing,
Jimmy Arellano