Posted by Lazaro - NC on February 21, 2007 at 08:19:06:
While you are renting, look for a bank owned home that would not need extensive repair, just carpet, paint, fixtures, etc. Once is fixed up, go to the bank and get an equity line of credit. If you can get $20K in a line of credit of your home, you will be ready to purchase your second investment property.
If you want, you can sell your home two years later and cash in on the equity you built; tax free.
Not everyone can move into a fixer upper, but if you can, you will be in a better footing to continue investing.
Posted by Kirk Walker on February 20, 2007 at 14:16:26:
Hello my wife and I will be moving to Charlotte, NC we will be working and also working on being real estate investors. At first we was going to buy our first home but realize that we had to get our credit( More of my’s then her’s)up to par. We found a place that rent’s out for $690 a month. In a years time we would have our credit up to par( again she would be more then me I may have a 1year and half before iam ok)
So I was thinking that it maybe be wise to start looking for an investment property while we are living in our rental apartment for $690 a month. My wife have been on the other side of the RE business which is she did mortgages for 7 years. As for me i have invested my time in learning and studying rental properties, real estate laws, etc…etc and now is the time for us to put it to work. Any good advice would be very helpful, thank you and God bless You.