Question on getting started - Posted by Tammy

Real Estate Investing Real Estate Financing
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Posted by PamJM on July 31, 2006 at 20:11:22:

And you can always wholesale properties. Very little money is involved and your credit doesn’t matter at all. Find a property, get it at well below market value and sell the contract to a rehabber for $5000.

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Question on getting started - Posted by Tammy

Posted by Tammy on July 31, 2006 at 01:56:06:

I’ve seen the Carlton real estate thing on tv and he always says that you can get started with no money down and no credit. How? I dont have good credit and no money but am interested in real estate investing. How could I get started?

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Deals Might Find YOU - Posted by Jimmy

Posted by Jimmy on August 04, 2006 at 08:26:00:

cheer up. There are sellers out there who will finance deals for you. even 100%. I have sold some that way. But, a few words of caution…

  1. for every deal you find like this, you will miss out on 50 other deals. cash is king. so start saving your shekels NOW, and build a little warchest.

  2. Understand that the seller who is willing to carry you TOTALLY CONTROLS THE DEAL. you are virtually powerless in this negotiation. you will pay a premium price for the property, with a nasty interest rate. and this is completely fair. the seller is taking a huge risk with a buyer of your profile.

  3. here’s the good news. a rising tide lifts all ships. even over-leveraged, overpriced deals. if you can get into the property and keep your head above water, the market just might do you a favor.

  4. since you are short on resources, but long on desire, try to immerse yourself in the local market. learn all you can. watch the people who are doing well. do not listen to fools and pretenders. if you can develop a talent for FINDING rehabs, underpriced properties, turn-around situations, then you can be of service and value to one of these successful folks. earn a few finder fees while you learn the biz.

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Re: Question on getting started - Posted by Patrick S. Lawson

Posted by Patrick S. Lawson on July 31, 2006 at 08:26:32:

For properties purchased at a deep discount their are “equity driven” lenders which do not look at the borrowers credit or assets.

In your case you could more than likely purchase a property with 100% financing if you have a good credit.

What type of financing you would receive depends on the type of investing you would like to do. Buy and hold or rehab and resell?

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Re: Question on getting started - Posted by Tammy

Posted by Tammy on August 01, 2006 at 01:46:39:

Well I wouldnt be able to purchase with 100% finacing because I dont have good credit at all. Another thing, when dealing with this what about the money? Will I have to come up with any out of my own pocket?