How does one who does not have a “regular job”, and no real proof of income “yet”, get qualified for an REI investment? What is the first step?
Thanks,
Art
I am also new to REI but I have found out that you do not need to waist your time about financing before you get started…I would find a property/ deal and then if it fits your invesing needs would I look for financing…some loan programs available are based on the income from the property such as apt. comples of 5 or more…just my thoghts hope this helps… :
hi
dont/do waste you time dreaming!!
thats up to you.
- get a job.
- get a good car,so you can get around.
- get a good place to live,so you can dream in peace.
result,skys the limit. is that simple?
moke
If you have a high credit score greater or equal to 680 you can get what we call in the mortgage industry no doc loan which means you can documentation reguarding a job or income
we also have no income no asset loans which work the same way
The down side to this is larger down payments are required because this is a risk based programs
no doc loans go with credit scores down to 620… 660 being accaptable even more… and 680 being everyone who has a no doc loan program will take you… always check your parameters.
Yes Jason,
Most of us experienced loan brokers know those expections to the rules I have decided to discuss as if I am talking at the level of a novice so that most investors can understand what I am talking about. You are talking like you are a AE to loan brokers not to investors on their level. I always tell these investors as general guidlines for the loan programs so that you don’t always go for exception to the rule because if you invest with always to the exceptions to the rule then you will have some loans close and some don’t that is why so many investor believe all the crap the loan officers give them because they are trying so with al the niche product and then the investors wonder why" i closed this loan this way or that way why can’t I do it after 10 x because the loan program only alows 5 loans on the credit report stuff like that.and you know that if you have lower than 680 score usually you will hava a lower LTV because of the greater risk of the loan and that usually would tie too too money up for most investors because the name of the game in investing is getting houses with leverage and little money in the deal as possible because then you can acquired more homes and make moere money insteasd of using all your money for down payment on a few .
I feel there is always better options then tie a whole lot of money in down payments and only buy a few properties when you can buy 10
We are the money people and investors rely on us to help them acquire more properties not just a few.
Yes Laurie,
We are on similiar pages but not the same. I broker loans to other banks/lenders/financial institutions. I’m not speaking of exceptions. I know of lenders that will go to 620 100% NOO full doc. This is not an exception. This is a lender offering a program that many investors may not be aware of including you. 100%CLTV is not a lower LTV.
As for levels of investors. True some are novices. Some are not. Either way, why keep information from them? Why treat them as if they are not ready? Isn’t that why we have this forum? Do you want to share only pieces of what you know and treat everyone as a novice, or are maybe you’re a novice as well. No offense here, just making a point.
the question being “How does one who does not have a “regular job”, and no real proof of income “yet”, get qualified for an REI investment? What is the first step?”
The first step is to talk to someone who can get the deal done. Regardless of the level of investor. Period.
Who declared you the judge and jury of what people should and shouldn’t know?
General Guidleines is not going to make you a wealthy investor. You have to think outside the box.
Someone asks a question. I provide an answer. This person could still purchase a home based on the information provided. I do not have the judgement to turn him/her down so easily.
You have to get in the water to learn how to swim. As a mortgage professional, we are in the business in loan approvals not loan turn downs.
With regards to your bold print. I like bold print. But i cannot understand your point. Again, you are making a judgement on “x” amount of loans closed vs “x” amount of properties owned. What you’re really telling me is you do not have the program that would in fact answer this question on a more positive note. Interesting since you have posted a many postings on this forum.
Knowledge is power.
Why do you have a chip on your shoulder?
Not sure what you’re speaking of for down payment…
Sounds like you like to generalize too much. Sure 680 is great to determine a mark of investing, but then how do you stay in business?
What about 660? 620? Or are you not aware of options provided by other lenders?
Regardless of buying 10 or a few.
As for levels of investors. True some are novices. Some are not. Either way, why keep information from them? Why treat them as if they are not ready? Isn’t that why we have this forum? Do you want to share only pieces of what you know and treat everyone as a novice, or are maybe you’re a novice as well. No offense here, just making a point.
Well isn’t better for ALL to understand instead of just a few. That is all I am saying.
Who declared you the judge and jury of what people should and shouldn’t know?
Who said I was Judging I am just saying that should we share in the info so all can understand and so all can invest and be happy ever after.
This person could still purchase a home based on the information provided. I do not have the judgement to turn him/her down so easily.
I agree with you a 100%
it is all about creativity and not limiting your thinking all I am saying is that there is a lot of mis-information that investors can just do what ever they want and expect the world and loan officers go out and say yes I can do this and the investor loses the deal or worse loses money because they listened to the wrong info.
I am just saying that investors need to speak with the professional loan broker that they deal with about each loan product they are intersted in and not assume that is all.
I am all for offering all the loan products out there and some. YES KNOWLEDGE IS POWER and so is leverageing you money with as little down as possible is AWESOME.
Making money is the name of the game and if you invest with little down and get a great return on your money is the name of the game.
Which is why many of us lenders are on this forum offering free advise to help investors get to the money so they can make INCREDIBLE amounts of money.