Yes that was some good advice for you… Also if you have some free time and judging from all the things you mentioned you have started to do I would suggest you take a part time position with a realty company to familiarize yourself to the Industry and meet local realtors and mortage originators… Also you will learn all there is to know about the different mortgage programs available today… Wellgood luck to you… Feel free to email me if you need some Free advice…
Douglas Timko notes4sale@yahoo.com
Hi folks, just a quick introduction from another newbie who wants to give real estate investing a go. I live with my husband and kids in northern California. I’m a professor, my husband is an executive, so we make a good income. Our shortcoming is extensive student loan and credit card debt due to legal fees related to an adoption we did a couple of years ago. We have never owned property and don’t yet have money for a down payment (we’re still climbing out of our hole).
So, I’ve been studying the Sheets course, lurking this newsgroup, reading ads in the paper and online, driving around neighborhoods, and just generally getting an education about a world that was unknown to me a month ago.
I feel pretty comfortable with the idea of calling sellers, inspecting properties and making offers, but I’m clueless about obtaining mortgages (housing is in high demand all around me; seller financing, l/o, etc. doesn’t appear to be something most sellers need to pursue here). Should I focus on trying to obtain seller financing where possible and/or find a mortgage broker who can work with me? If so, where do I begin?
Thanks, I look forward to participating with this group.
Lisa,
The name of the game is to always get owner financing whenever possible! It eliminates all the red tape involved with conventional purchases. You can close deals in days, instead of weeks! Not only that, but if you use your own credit to purchase houses starting out, your debt ratio will eventually top out, then you
have no more resources! It also depends on what type of investing you are going to do. Are you going to wholesale, retail, flip a few,or be a landlord? Stick this phrase in your head and keep it there: “Whenever
Possible, Use Other Peoples Money (OPM)”! It keeps your personal funds freed up, and you won’t have 1000
inquiries on your credit report! (Which can also hurt you in the long run!) Read as many posts on this sight as you can and learn how other people construct their deals. And if you havn’t bought a course yet, get one
soon! Try to decide what type of investing would suit you best, and take it from there. Don’t get to eager!
It will only hurt you in the long run! Make sure you fully understand what you are doing before you make that first offer! Otherwise, you’ll be ready to quit before you even get started! Best of Luck!
DJ