Hey ron I am also 22 And I do not own anything and my cars are not paid offcongradulations on that. anyway I am in the mortgage bussiness and all you need to do is go back in to a lender or a broker and show proof that all of this is paid off and they can get it changed alot faster on your credit report you should not have any problem getting a loan with that score and if that does not work you qualify for a STATED Program or a No income No assett loan anyquestions feel free to e-mail me
I am 22yrs old. I have only a 6mo. job history. I earn $3700 (before tax per mo.). I have about $1000, however, will grow quickly since I don’t have many bills. Also, I only have $1000 since I paid off a pretty large bill recently.
My total personal liabilites monthly total $325.
My credit score is about 660.
I am hoping that my score has gone up as I sold my $30k (monthly payment was: $441) car and paid off the note last month.
Paid off my $8800 credit card this month (Monthly payment was $ 150).
I now have 2 credit cards.
card #1 Balance: $450 Min. pay: $12 Limit: $2200
card #2 Balance: $11,900 Min. pay: $165 Limit: $14,500
I have 2 rentals.
Rental # 1 PITI $1048 Rented @ $1200 mo.
Rental # 1 PITI $ 754 Rented @ $ 995 mo.
I tried to get a loan 2-3 months ago and my DTI ration was a bit off. I have since then corrected most of this.
What should I be doing now?
Please, any and all advice on what to do now to further my RE investment career will be greatly appreciated.
No real advice. I am twice your age and I really admire the financial fortitude and emotional strength that you have at such a young age. Keep adding to your tool box. How much are tax liens paying in your state? This could be a nice area for you to park all the money you are going to have. Again, my hat is off to you.
Ron - in a day and age where you do not need money or credit to buy realestate, how are you stuck? Try doing some subject to’s or lease options with the right to sublease.