Posted by Kevin in Seattle on December 20, 2002 at 02:02:13:
Which company and do you have their name, phone number, location? Thanks
where do I stand? - Posted by Kirt
Posted by Kirt on December 18, 2002 at 13:09:36:
I am 23 years old, I want to get into real estate investments. I have excellent credit, but a little debt. I feel that buying rehabs, or foreclosures would suit me at my place in life. I do not have alot of extra cash. Could I get a hundred percent financing to get my first deal started. I am considering buying a fix up special and living in it, then selling for profit to gain some capitol. Does anyone have any advice on where to start as far as lending. Should I just go to a bank and see what I get pre-approved for. Or just some general advice?
Re: where do I stand? - Posted by Jodi Blank
Posted by Jodi Blank on December 18, 2002 at 13:38:17:
Hi Kirt-
I am a first time invester that is just selling my first property. I thought you might like to hear about my first experience. We closed on a foreclosure on Oct. 28. Got it for $43,000 with 100% financing through a finance company. I suggest going with a finance company rather than a bank because they are way more flexible, especially for first time buyers. I am even familiar with a program that can help with your downpayment so you will not even have any closing costs. Anyway, we (my husband and I)fixed it up in 3 weeks. We put it on the Market after the 3rd week, just to see if it might sell, otherwise we were planning to move into it. It had an accepted offer within two weeks of listing! We Made a PROFIT of $11,000. We have all of the commitments from the buyer and it is closing on Jan 3. Now, we have made some mistakes on this property, but, for our first time, it was a great learning experience and we know what not to do next time. My biggest suggestion is to always have a back-up plan if something you plan on happening doesn’t actually happen. Also, the only thing that is going to help you learn is to look at as many houses as possible, even when you are not in the market to buy, this is going to keep you up to date on the market. Being your first time, count on making mistakes, just be sure to learn from them. Don’t get down on yourself or let anyone else get you down! You are doing something that most people never dream of doing, especially at your age. We have dealt with this a lot and nothing feels better than proving them wrong! If you would like to talk to me directly, you can e-mail me directly and I can send you my #. Good Luck! jodiblank@yahoo.com