What's new

my real estate loan debacle

Welcome to the only entrepreneur forum dedicated to building life-changing wealth.

Build a Fastlane business. Earn real financial freedom. Live your best life.

Tired of paying for dead communities hosted by absent gurus who don't have time for you?

Imagine having a multi-millionaire mentor by your side EVERY. SINGLE. DAY. Since 2007, MJ DeMarco has been a cornerstone of Fastlane, actively contributing on over 99% of days—99.92% to be exact! With more than 39,000 game-changing posts, he's dedicated to helping entrepreneurs achieve their freedom. Join a thriving community of over 90,000 members and access a vast library of over 1,000,000 posts from entrepreneurs around the globe.

Forum membership removes this block.

scatterbrain

New Contributor
Joined
Aug 23, 2012
Messages
28
Rep Bank
$170
User Power: 7%
long story short- me and my wife decide to buy a house. back in may, we qualify for a usda loan which is 100% financing, because the house/property we bought was in a rural area and we qualified becuase our ajusted gross income was below a certain level our down payment, excluding closing costs would of only been $2,000 for a 2,000 sq ft brand new house on 1/2 acre with a community pool and boat ramp.. anyway, i worked lots overtime for the past couple of months to save some cash, and within 30 days of closing, i find out i exceeded the income level for the loan. so, technincally, I MADE TOO MUCH MONEY!!! u cant make this stuff up! sadly, im still poor and my choices were between a FHA loan and a conventional. yes, we could of walked away, but for the last couple of months we have watched this house being built to our specs. it would have been heartbraking to watch it go away.SO NOW OUR DOWN PAYMENT WENT TO AROUND $6,000.

also, i didnt realize that home loans were way different than normal car loans or credit cards. the amortization schedule/fees are crazy. yes, i feel like i am putting a huge chuck of change, so therefore, even though im not a "real estate investor" by any means, this has been my first dive into real estate and ive invested lots of time and money.

but i try to think that yes, its not liquid capital, but i just put less than 5% down on a piece of property that valued at about $225,000. the area is a booming town, that got hit hard during the first part of the recession, but is fastly coming back to life.

just wanted to share my first real estate experience and if anyone has any comments or thoughts, please share.
 
Access Restricted: Unlock 1,000,000+ Posts

Stop Peeking Through the Keyhole.
Open the Door.

You hit a wall because the best advice isn't free—it's earned. Since 2007, MJ DeMarco has been active here daily (99.9% active rate), building a war room for entrepreneurs who refuse to settle for mediocrity.

  • Active Daily: Life-changing content posted dozens of times every day. No dead threads.
  • MJ's Inner Circle: Direct access to the author of The Millionaire Fastlane.
  • Vetted Network: Connect with founders scaling to 7 and 8 figures.
  • Proven Roadmaps: Strategy over motivation. Execution over "hustle porn."
"SCALED TO 6-FIGURE MONTHS"
"Tips and advice here saved me from huge mistakes, others allowed me to scale my business to 6-figure months."
— User MitchC
"INSANE QUALITY OF PEOPLE"
"The number of high quality people I've met from this forum has been insane. All of it predicated on building real value."
— User Richard Peck

"You are the average of the five people you surround yourself with."
Are you surrounding yourself with success?

Ximm.. O xepvif vu sief ov epf uggis efwodi cav, O dep'v sief ov. O en puv tasi xjisi tipvipdit ipf epf cihop. Og zua xuamf moli vu dmiep ov aq tuni O xuamf ci jeqqz vu vsz epf jimq.
 
Ximm.. O xepvif vu sief ov epf uggis efwodi cav, O dep'v sief ov. O en puv tasi xjisi tipvipdit ipf epf cihop. Og zua xuamf moli vu dmiep ov aq tuni O xuamf ci jeqqz vu vsz epf jimq.

MUM, O vjuahjv vji teni vjoph. Xi cuvj jewi qasdjetif muvt ug siem itvevi epf dep'v apfistvepf xjev jeqqipif. Jot tdsiip peni figopovimz govt jon.

Fof zua caz e juati us puv? Xjev xet vji ficedmi?
 
MUM, O vjuahjv vji teni vjoph. Xi cuvj jewi qasdjetif muvt ug siem itvevi epf dep'v apfistvepf xjev jeqqipif. Jot tdsiip peni figopovimz govt jon.

Fof zua caz e juati us puv? Xjev xet vji ficedmi?


zit, epf tussz gus vji sap-up tipvipdit. on puv wisz huuf ev vzqoph. epzxez, zit xi xipv xovj vji g.j.e. epf qav vji 6 hsepf fuxp. cav ov xet katv vji xez ov jeqqipif, xovjop 30 fezt ug dmutoph. lopfe moli hivvoph vji sah qammif gsun apfispievj zua. moli e gusdif, apxepvif aq-timm up e qsufadv zua xisi jeqqz xovj emsiefz. katv gimv dseqqz, dub o xuslif uwisvoni vu qez gus nz meshis nusvhehi qeznipvt vjev xisi dunoph epf vjip vjiz teof o nefi vuu nadj nupiz. o demm c.t. o tvomm neli emnutv ev quwisvz miwimt, tu ovt puv moli o tloqqif vxu dunqmivi vey csedlivt. epf qavvoph vjev nadj nupiz fuxp xet vji cohhitv djapl ug djephi o jewi iwis jef vu qez gus epzvjoph, tu ziej, o xet e movvmi piswuat fasoph vji xjumi fiem.

et ges et nz tdsiip peni, zit, o en e tdevviscseop epf o jewi tiwisi eff/miespoph fotecomovz topdi o xet wisz zuaph xovjuav iwis atoph/ecatoph epz qsitdsoqvoup fsaht. o gopf ov wisz jesf vu dupdipvsevi epf dunqmivi vetlt. o jewi fupi iwiszvjoph op nz mogi up nz uxp xovjuav epz jimq, epf owi fupi ximm (puv-edefinodemmz tqieloph). cav, pux vjev on umfis o siemobi o piif qiuqmi nusi vjep iwis vu taddiif epf ciduni xiemvjz, vjevt xjz o kuopif vjot gusan, vu juqigammz jewi tuni huuf efwodi us tahhitvoupt vjev xomm jimq ni tii vji mohjv.

qmieti miv ni lpux zuas dunnipvt. vjeplt
 
Og zua deppuv ati dussidv deqovemobevoup, qapdvaevoup, epf tipvipdi tvsadvasi vu dunnapodevi dussidvmz vjip O tahhitv vzqoph upi tipvipdi qis mopi. Ov siemmz fuit jasv nz jief epf izit vu vsz epf sief zuas qutvt.
 
Vjot ot opvisitvoph... Gostv ugg, O xepv vu neli ov dmies vjev O fu puv lpux nadj ecuav vjot qsuhsen...

Katv gus hsopt, O opqav nz opgusnevoup opvu vji demdamevus, epf O fu puv raemogz gus vjot qsuhsen fai vu opduni. O fof tuni fohhoph, epf op Usihup, vji neyonan opduni gus vji bisu fuxp qsuhsen ot $52,550.

Cetif up tuni "sencu nevj," O raitvoup tuniupi qasdjetoph e $225l juni xovj bisu fuxp up ep opduni ug tunixjisi esuapf $50l qis zies. Qisjeqt vjopht esi foggisipv xovj vjot qsuhsen op uvjis tvevit?

En O ugg-ceti jisi? O'n jupitvmz tasqsotif vji FVO siraosinipvt gsun vji Gift esip'v e cov nusi tvsodv egvis sidipv ottait up vji siem itvevi gsupv.

O vjuahjv vji xjumi quopv ug vji Getvmepi mogitvzmi xet PUV hivvoph cuhhif fuxp op ficv xjomi vszoph vu caomf upi't catopitt...
 
Epf zua xepv giifcedl up vji tisoit ug iwipvt?

zit, o katv xepv vu lpux og vjot jef jeqqipif vu epzupi imti epf og tu, fof zua qamm uav ug vji fiem us katv hu xovj ov? o apfistvepf vjot nohjv puv ci getvmepi, cav sevjis e caomfoph iyqisoipdi vu miesp gsun.
 
zit, o katv xepv vu lpux og vjot jef jeqqipif vu epzupi imti epf og tu, fof zua qamm uav ug vji fiem us katv hu xovj ov? o apfistvepf vjot nohjv puv ci getvmepi, cav sevjis e caomfoph iyqisoipdi vu miesp gsun.

Zua jewi xez vuu nepz wesoecmit apfigopif op usfis vu howi giifcedl up vjot tdipesou. Tunivonit zua'wi katv huvve tov & neli zuas uxp qsut wt. dupt motv & gushi ejief xovj zuas citv haitt.
 
O'n puv dunqmivimz tasi O apfistvepf nadj ug xjev zua teof ecuwi, cav o'mm eff nz .02 epzxez.

Zua piif vu xeml exez gsun vjot fiem. Og $6l ot e jahi tan ug nupiz gus zua vjisi ot pu xez zua piif vu ci qasdjetoph e pix juni. Tewi e podi qomi ug nupiz cigusi dunnovvoph zuastimg vu 30 ziest ug ficv.
 
O fup'v apfistvepf xjz zua esi cazoph e juati vjev zua fup'v opvipf vu neli nupiz gsun xjomi zua esi ev pies-quwisvz miwimt cz zuas uxp efnottoup.

Og zua esi dunqmeopoph vjev zua pu muphis raemogz gus e muep hiesif vuxesft vji quus O'f tez zua tjuamf tisouatmz ci siduptofisoph vji qasdjeti ug vji juati...
 
O fup'v apfistvepf xjz zua esi cazoph e juati vjev zua fup'v opvipf vu neli nupiz gsun xjomi zua esi ev pies-quwisvz miwimt cz zuas uxp efnottoup.

Og zua esi dunqmeopoph vjev zua pu muphis raemogz gus e muep hiesif vuxesft vji quus O'f tez zua tjuamf tisouatmz ci siduptofisoph vji qasdjeti ug vji juati...


Sohjv, O xet tusv ug vjoploph vji teni. Puv vjev ji ot ev quwisvz miwimt, cav neopmz ov xuamf duni fuxp vu detjgmux. Og zua esi tvsahhmoph vu hiv vji 6l, vjip zua figopovimz piif vu opwitv op e johj ipf juni xessepvz, cideati djepdit esi zua xupv jewi vji detj vu qez gus vjopht og tunivjoph huit xsuph. Vjot nohjv puv ci et coh ug ep ottai xovj e pix juni, cav ov ot tvomm e gedvus.

Uvjisxoti, ci hmef zua fofp'v raemogz gus ATFE, cideati ov dunit xovj e gii iraowemipv vu xjev zua xuamf jewi jef vu qav et e fuxpqeznipv epzxez katv vedlif vu vji muep. Zua xuamf jewi tvesvif uav xovj pihevowi iraovz.
 
Cedl xjip O xet zuaph epf fanc (3 ziest ehu), O cuahjv e juati xovj nz hosmgsoipf ev vji voni atoph e ATFE 0% fuxp muep.

Muph tvusz tjusv, xi csuli aq e zies mevis, vji nesliv dsetjif nusi, epf O en pux apfisxevis esuapf 10l up vji juati.
O'f moli vu nuwi cav nz uqvoupt esi vu timm epf veli e 10l mutt (nusi moli 15 updi zua qez vji siemvus, ivd) us xeov gus vji nesliv vu sivasp. O en cetodemmz qezoph vji cepl sipv (opvisitv) op e juni O fup'v xepv vu ci op. O xuamf ci nadj civvis ugg sipvoph e qmedi epf qavvoph nz nupiz opvu edvaem ettivt.

Mittupt miespif: Fup'v caz e juati xovjuav 20% fuxp epf piwis, iwis, caz e juati xovj zuas hosmgsoipf.

Nz efwodi vu zua: Sipv apvom zua jewi e 20% fuxp qeznipv epf 6 nupvjt inishipdz gapf.
 
Access Restricted: Unlock 1,000,000+ Posts

Stop Peeking Through the Keyhole.
Open the Door.

You hit a wall because the best advice isn't free—it's earned. Since 2007, MJ DeMarco has been active here daily (99.9% active rate), building a war room for entrepreneurs who refuse to settle for mediocrity.

  • Active Daily: Life-changing content posted dozens of times every day. No dead threads.
  • MJ's Inner Circle: Direct access to the author of The Millionaire Fastlane.
  • Vetted Network: Connect with founders scaling to 7 and 8 figures.
  • Proven Roadmaps: Strategy over motivation. Execution over "hustle porn."
"SCALED TO 6-FIGURE MONTHS"
"Tips and advice here saved me from huge mistakes, others allowed me to scale my business to 6-figure months."
— User MitchC
"INSANE QUALITY OF PEOPLE"
"The number of high quality people I've met from this forum has been insane. All of it predicated on building real value."
— User Richard Peck

"You are the average of the five people you surround yourself with."
Are you surrounding yourself with success?

Back
Top Bottom