All Forum Posts by: Christopher Andrews

I am a new to investing and am currently saving for my first property. I have never owned real estate and am looking at purchasing my very first investment property mid to late this year. I would love to connect with other investors and network. There is a lot I need to learn. I look forward to seeing everyone at this event. 

Thank you for the information. I am still trying to decide how I will proceed if I should go with a hard money lender to just FHA? I think I am going to wait a little longer and continue to save up and then check into an FHA. If that falls through then ill have to consider the hard money lender.

Update. I decided to do the reconsolidation and took out a personal loan with my bank. The payments are less than what I was paying for both loans combined plus I was able to reduce one of the loans by 4000$ int he process. A month out and my credit score jumped 20 points to a little over 640. I want to raise my credit score to 675 before I get my first deal mid this year. 

So I am still in the planning stages of getting my First Plex. I found a Triplex for $75000 that is a 6 bedroom 3 bathroom 2121 sq feet on a 1-acre lot with long term tenants in place. I plan on making a deal in April of this year. By then I should have 2600$ saved up and will be able to pull another 3000 from my 401K plus about 1000 from my Tax refund. So I should have about 6600$. I am considering using a Hard Money lender to purchase the initial property. I want to employ the Brrrr Strategy and do a live in house hack. What do I need for a down payment on a Hard money loan for a 75K house? Will I have enough or will I need more? Or should I instead use an FHA 3.5% Down loan? When I contacted a lender they said I was preapproved for a 3.5 % FHA loan but would need 11K down to cover the DP and closing costs. The property is in Central NY.

thank you both for your advise. Since these two loans would place a lien against any house i would take out a personal loan and pay them off, that will will in essence consolidate them. I am not specifically getting a consolidation loan, but using a personal loan and paying these two off. My reasoning is that by settling these two judgements in full I will be able to get a FHA home loan. I already contacted a lender and was advised i would prequalify for a loan once these two bills were taken care of. These debts are no more than 7k total. I will take a 10k loan out and use the remainder of the money to pair up with monies from my 401k to use as a down payment and for closing costs. I am looking to get a duplex in a college town. I will house hack it. That will further reduce the amount i pay for the house. Regardless i will live there and then transition into my dream home later down the line.

So I am new to investing and have been working hard on my credit. I have 2 judgements against me. I talked to both and one is willing to accept half. I am considering getting a personal loan and consolidating them that will take them out of judgment and put my credit back on tract. I have been paying both regularly for over a year. These two issues were what has been keeping me back from getting a home. Is this a good idea? How long after I consolidate will it take my credit to improve? 

Second question:

I have looked owner financing through realtor.com, craigslist, zillow, and a few other sites but I cannot find any. Where would you recommend I look or how should I search to find these opportunities?