Unconventional Provider
I am engaged to be married september 18th. I am a musician. I love real estate and I enjoy watcing the HGTV & NO! I'm not gay...
Me and my fiancee have been saving to buy our first piece of income property. But as a musician and a newly licensed RE agent I can't really prove my income to satify convintional lender requierments.
W2's... yea right.
I was looking into hard lenders to help get me into a nice fixer-upper that I can put some sweat equity into. But the market is out of control. Everyone wants to be Bob Vela and the market is very competative and heavly over saturated. I live in Chicago, home of bogolos, 2 flats and beutiful greystone. The value has gone through the roof. 150k homes are selling for 350k to 400k
My credit is good but my income is nonexistance in the "Matrix" so to speak. I need some advice before I find myself stuck in an episode of "All in the Family".
I have read every investment how to, smart daddy, broke daddy book and I know that I can make a mint in this city. But I need to kow how to break in.
Help me someone out there in cyber space 
[ Edited by bemskeys on Date 03/30/2004 ]
Congrats on your engagement.
Regarding your situation, you need what we, in my neck of the woods, call a "no-doc" loan. Upside-no income verification. Downside- requires a 20% (or more) down payment.
Talk to a few mortgage brokers. They want to sell you a loan. If you cannot be financed as you are, they will tell you what you need to change.
Best of Luck!
If you have good credit you could apply for a signature line of credit. Use that money as reserves or downpayment. Fix up the house, then refi to a low rate, you stated you were using this as income property. You pay off the line and start over.
This way you can build all three businesses together. Music, REI, and RE Agent.
Good Luck
Lori
[addsig]
I thank you all for your replies. I really appreciate them please keep sending them I want to know ever possible option.[ Edited by bemskeys on Date 03/30/2004 ]
Do you have money? Many lenders accept VOD (Verification of Deposit) as proof of what you make.
You say you have good credit...how many trade lines do you have?
Your employment can be satisfied by a letter from an accountant showing that you are self employed.
Verification of rent is easy as you get a letter from your landlord.
This is all FULL DOC! There are different ways of accomplishing the same thing.
Its amazing that it is so hard to find people that know this. I'm so frusterated i'm considering getting into the mortgage brokering business.
GOOD LUCK!
Yes that it...
I do have a letter of employment from my sisters coffee shop where I manage and do weekend promotions for her.
As far as the line of credit goes...
I have 2. A car note thats taken out every month from my bank account and a furnature bill wich I pay religiously on time. I may have been late once. But that is all.
Please more input... Dont be shy...Everyone join in...
[ Edited by bemskeys on Date 03/30/2004 ]
Gosh, everybody has told you how to get a loan through an expensive point laden high interest mortgage company. Whew! Some decent advice, but isn't this a creative RE forum. Always back to the basics. Look up my profiles and read my articles. i too started with nothing more than a dream. Always remember rule number 1. You are looking for a distressed, read desparate seller, with whom you can solve their problem. starting out with no money and a dream, you should be looking to L/O or buy subject to. Why pay the mortgage vultures your profit? You can buy a property with less than the normal, sometimes even no money out of your own pocket, with very little in closing costs too. Look for the seller that needs to sell their property. buy John Lockes Subject to manual, buy a Lease option manual. Learn how to structure a deal that benefits you as the buyer or the seller depending on what hat you are wearing. This ain't rocket science, don't make it so. Sellers are the very best source of financing bar none.
Good Luck,
Shawn(OH)
Thax for that Info I'm going to look into that.
Where can I find Your articles. are they posted on this site or do you have your own.
And were those books that you suggested I read. I had alittle trouble reall understaning some of what you wrote please let me know so I can investigate.[ Edited by bemskeys on Date 03/30/2004 ]
Quote:
On 2004-03-30 14:10, bemskeys wrote:
Thax for that Info I'm going to look into that.
Where can I find Your articles. are they posted on this site or do you have your own.
They are on this post. Click on profile of loanwizard bottom left of this response and you will see last 10 article submissions. John Lockes subj. to manual and a Lease Option course should be available in the products ans services section.
Good Luck,
Shawn(OH)
And were those books that you suggested I read. I had alittle trouble reall understaning some of what you wrote please let me know so I can investigate.
<font size=-1>[ Edited by bemskeys on Date 03/30/2004 ]</font>
Hey everone I just got off hte phone with my sponsoring brokers lender and thanx to all your advice she was able to get me preapprove. You guys have been a very huge help and I can't thank you all enough. I'll keep you up to date on all by future venture...
I'm on my way in...
Look out world here I come...
Thank you Jesus...[ Edited by bemskeys on Date 03/30/2004 ]
Great to hear. Continued good luck!