Qualifying for a Mortage...I'm in bad shape - Posted by Jeanne

Posted by Jane on July 26, 2003 at 10:11:50:

It takes some learning and studying to understand real estate–I think that being in the legal environment is an advantage. You might be able to get a partner, maybe a mother also, but one who’s got some cash & decent credit, and wants to get ahead, who likes the idea of investing with a partner. Jeanne, first get more familiar with how to do real estate deals, thru the website. Thru prayer, you may be inspired to buy a book with specific investing info, or take a course, etc. There are real estate investing clubs everywhere. You can attend meetings and just LISTEN. A club might be a place to find a partner–after you have studied techniques for a while & have ideas of what might work. Learning your area, neighborhoods, housing trends, etc., is important. What do homes sell for, rent for? Understand cash flow. If you can rent out a home for $800 mo., then you need to buy it for less than $650 a month to have a safe, profitable cash flow & cover maintainance expenses. Don’t give up, but commit yourself to study these techniques. Girl–you can do it! Jane.

Qualifying for a Mortage…I’m in bad shape - Posted by Jeanne

Posted by Jeanne on July 26, 2003 at 04:20:19:

Wow. I just found this site and it looks great. I bought Carlton Sheets old program several years ago, but never did anything with it.

Brief profile: Female, 40, 3 children; ages 4 - 19.

I went through a divorce in '97, remarried right away (mistake) to a man who, I found out AFTER could not hold a job… Meantime, I got pregnant right away and had my little daughter. I kept hoping my white knight would come through for me, but it never happened.

So…I lost MY home (yes mine), we sold it just under the wire of a foreclosure. I’m still so traumatized; this only happened in December, right before Christmas.

I have recently (one year ago) re-entered the workforce as a legal secretary. I work three part time jobs. My income is not great. My credit is worse because of all the unpaid bills while I stayed home to take care of my baby. I am in the process of filing a bankruptcy so that I can truly start over. Husband #2 is still gainfully UNemployed, and his benefits are to run out soon.

I want so desperately to buy a house on my own…Am I going to be able to? I saw tonite the ad for (Dalbey’s) note purchasing thing…but seems from this site that might be a waste of money?? I would really like to get into REI, and most of all purchase a home for myself and my girls. Any advise is welcome, and I look forward to reading all these informative posts!! :slight_smile:

Re: Qualifying for a Mortage…I’m in bad shape - Posted by jorge

Posted by jorge on July 27, 2003 at 11:28:11:


Curious. Is the 1st hubby sending you child support? (I know its kinda personal so don’t answer if you don’t want to and accept my apologies for being so nosy.:slight_smile: If he is then maybe you can use some of that money to set aside for your real estate investing. nothing major… 50 buck a month or so. If he is not… go after him for that child support. YOUR KIDS DESERVE IT!! (just make sure the kids see the dad too:)
IS your 19 yr old working? If she still lives with you, maybe you can suggest she help you learn this real estate business with you by reading as much about rei as she can. ( you have to make it to where she wants to though… but you might already know that;)
If you 2nd hubby is still living there…and refuses to work, then nicely tell him about what you are trying to do and see if he is willing to help…If he is not…because… blah blah blah… then just say "fine thanks anyway, and make him take care of the kids while you are out trying to make this happen.
And whatever you do… don’t just read…read …read… and read… and NOT do something with that knowledge. Even if as simple as calling a realtor about a house they have listed… tell them to give you all the info about… pull that Carlton sheets manual out and read some of the scripts on calling on sellers. Then Call some FSBO ads… ask them about their house… then call some Mortgage people…and find out what is needed to buy so and so house that is being sold by so and so… and just get the conversation going…Believe me the first few times… you’ll ask 2 questions and say “ok thanks” and hang up because you are nervous. and that is ok!!! Do it again the next day…and before you know it… you will be impressing people with the fact that you know some of the RE lingo…and you will gain a little more confidence…and then do it again…Learn…call on someone…and then someone else… and then someone else… and then read some more…and try using a couple more words that you just learned… and keep doing that…until have bought your first house… and then you second… and then you kick out the lazy 2nd husband…and DON’T find another one until you and your kids DON’T NEED one…or maybe by then the 2nd hubby will see that his wife is getting things done that he should be doing and get off his butt!!
Oh yea… and when you go to one of your 3 jobs…find someone that is interested in what you are learning… and tell them…kinda teaching them… People come to me at work now when they are trying to buy a house or sell or refinance… So I tell them what I know…and that helps.!!
The point that I am trying to get across… is that just do something!!! Don’t just read… and read… and read… that does you no good!!
I did that with my first property… I bought it 1 month… (ok 3 if you count the 2 months it took for the mortgage broker to get it done) But I had my offer accepted after 1 month of getting started. Was it the best deal?? I am sure I could have done better… but it is cash flowing about 80 a month right now… and will cash flow $230 or so after I get the 2nd unit in the back ready to rent. And now I am working on my 2nd and 3rd deal…If I get one… great… if I don’t… its ok…
Anyways, sorry for the long post…let me know if there is anything else I can do for you… I will be happy to do so… And if I don’t know the answer to something… we’ll just ask Ron STARR or someone on here.

Good luck…

ps. before you actually sign a contract run it by this board… or others… email me and I will tell you about other boards that I found to be great source of FREE information…

Re: Qualifying for a Mortage…I’m in bad shape - Posted by Anne_ND

Posted by Anne_ND on July 26, 2003 at 10:58:15:


Sorry to hear of your troubles. One thing I wonder about is why a home of your own is so important right now. It’s almost always more expensive to own than to rent. That may not be true everywhere, but it’s generally true because a homeowner has to pay for the things that a renter does not, including repairs, maintenance, etc. Under your circumstances, a home of your own may prove to be more of a doo-dad rather than a need.

Given all that has happened to you lately, and assuming that you do at least have reasonable housing for your family, I suggest you take a few months to think about what led you to your present circumstances and what you need to change to prevent that from happening again. In the meantime, start looking at houses to get a feel for the local market, read everything you can at this site to develop a familiarity with the techniques, and put at least a little money away for the house. By the time you make some changes in yourself and your situation, you will be ready to buy not just a house for yourself, but possibly a real estate empire that will support you better than your job.

Good luck,


Re: Qualifying for a Mortage…I’m in bad shape - Posted by Randall

Posted by Randall on July 26, 2003 at 05:54:37:

Read ALL of the success stories to get a feel for where it is you would like to start. There are 1001 ways to make money and/or buy house, so you have to ask detailed questions about the business(rei) to really take advantage of this site.So start with the success stories and find something that might work for you. Good Luck

Re: Qualifying for a Mortage…I’m in bad shape - Posted by Linda Simms

Posted by Linda Simms on July 26, 2003 at 11:31:15:

Excellent advice. We girls have to stick together.