Getting Started Need Some Advice

Always start small. You will have to judge what you can handle. I would go to the auction on the house you were talking about. You will probably learn alot.

Yes, auctions are a great place to learn. Watch and listen closely to the bidders. And afterward don't be afraid to start up a conversation with someone. You never know what you might pick up.

Rina

Hello, I wanted to know if it was true, when you purchase a foreclosure, do you have to live in it at least a year?

No, you don't have to live in a foreclosure ever! You can buy it and rent it out right away if you want.

I don't know who told you that but you should give them a copy of Dean's Book.

Thanks for asking the question, someone else probably had the same question.

Thanks for the advice, but I needed to add a little more detail. This foreclosure is not going to be auctioned at the courthouse. It's first going to be offered for bid to the owner/occupants and then will be offered to investors by application bid. This is what the realtor told me. I've been to two auctions before and learned a lot. This is the first time I've known of one to go by application bid and don't know much about them. I hate to see somebody else make money off this deal. . . in this situation should I still start small since rental properties seem to run about the same price?

Missy

do what your GUT is telling you, your realator is just trying to protect you but, if you really think you can handle the project, then DO IT. from what it sounds like it dosen't need a whole lot of renovation just the usual stuff, and it sounds like you really want this property so i say SADDLE UP PARTNER, IT' GOING TO BE A LONG RIDE. YOUR HERO,SULLY.

You know what cbrpower, maybe they were talking about HUD homes. My bad

THis is correct and standard for HUD. When they take back a house, the first open it to OO. Then a couple of weeks later, it is opened to investors. OO also get better terms I believe.

This is in line with HUD's mission statement of improving homw ownership.

Hello I have a question. I have bad credit I just lost my job and I wanted to start investing In some property. For now I just wanted to buy this particalar house I have had my eye on for a while, and it needs a lot of fixing up. After that I would rent it out. How in the world am I going to get a loan from any body, to get this work done?

The next thing you need to do is go get another job. You have to have some money coming in from somewhere to live one. Real estate is something you do in your spare time at nights and on weekends when you are first starting out. Real estate is not get rich quick. You will not become a millionaire overnight. Your primary focus right now should be getting another job. After that you will want to do an instant equity exchnage to bring in a lump sum to use for a down payment/rehab costs on a house. If you figure out that formula you have the opportunity to become financially free forever.

what happened to No money Down?

Besides, I'm having unemployment coming in untill I find another job

chosenv,like CBR said you need a JOB in order to get any type of FINANCING from banks,they don't want to hear that your collecting unemployment until you find work,you will get declined from every bank there is,so start with finding a JOB as STEP 1 AND THEN WE CAN HELP WITH STEP 2,CLASS DISSMISSED,SULLY.

I own a new business that's growing (low income so far) but I will have around 40K (with zero debt and good credit) to work with once my house sells. Should I have trouble finding low interest financing for investing?

Ok I am glad you have money coming in while you do your next real estate deal. I was worried about there being no money coming in. If I was in your situation I would focus on assignment of contract deals. There is a lot of information on this site about that topic. Good luck.

Don't rent out. Sell the house and dont deal with renters. Start small and go from there.

I've never had a job, maybe you mean he/she needs to show income to point to and no bad credit.

Has anyone tried the AFF system?

I've a little experience in the '80's making several fantastic deals however just by pure luck...the first contract I ever wrote I took to a Real Estate attorney who looked it over and promptly ask me if I could find any more deals like this! What I got was an instant CASH investor and free legal advice on all my contracts.

I don't have any investors/money or free legal advice now and I would like to try AFF, what all do I need before investing in this? I want to be ready for any situation. Are there any other expenses with this system? Do I need an 800 number etc. Is an investors list included for commercial deals? I just need more info about the system before I jump in. I know I will try it sooner or later but I just want to be ready first.

Ok I am having a hard time finding public records. I went to netronlie.com and tried to find some free public info, I could get the assessor info and some tax info...I had an address of a house that we have eyeballed that is for sale; it gave me parcel, sales date & price, deed #,& valuation info. What is the difference between (FCV) full cash value and (LPV) limited property value?
Can I find mortgage info in these public record cause I can't seem to find where. It had a place to enter a zip for foreclosure info, but it was a free trial then a weekly fee, I have tried to call to see if they publish it in the paper, but just get the run around and no body knows.
Yes I know my last step would be to go to the court house its self, but I was really trying to avoid that cause I hate downtown.
But please help me to get this public info to help me find these distressed homeowners and their mortgage info so I can see how much equity is in the home.

call the county tax accessors office and give them the parcel and/or key number and ask them for the address and name on record for the owner. They will not give a phone number but you ca cross reference the name and address on google 411 and find the telephone number.

Then just contact the owner directly and tell them you are interested in the property and ask them about the financial status and everything else. If it has been empty and they are interested in selling then they will usually disclose info that you can use to look further into it.

there is a lot of good advise on this page. so i'm new i just started i feel a little lost don't have the money or credit to invest. thinking of 2 people to contact see if they will be my partner. where can i look for investors? is there a good web site for HUD's or forclosures?

thanks
Michelle

Michelle start here
http://www.deangraziosi.com/node/3355

At least in my state.. these are just different numbers that are used to calculate different parts of the property tax bill. Neither one of them necessarily relates at all to what the property is truly worth.

HaS anyone researched a conotel>> i am looking at one soon and a bit nervous as it is new to the area and i have never heard of one? anyone info would be great, it is near the ocean so it would be easy to rent,, or maybe i will live in it>> A>>>

10 Important Secrets When it comes to investing. Everybody has certain goals and aspirations. However, there are certain guide lines every aspiring real estate investor needs to know:

1. Compare Property Values and Rents Financial statistics only go so far; the best measure of a property's market value is often the sale prices of nearby properties. The same holds true for area rents. A low price can often be justified by a reasonable rent; renters who can afford a high rent can afford to buy instead, so reasonably priced rent is a need.

2. Be careful - Tax laws may change Don't base your tax investment on current tax laws. The tax code is constantly changing, and a good investment is a good investment regardless of the tax code. The right property with the right financing is what you should look for as an investor.

3. Specialize in something you Know Start in a market segment you know. Whether you focus on fixer-uppers, foreclosures, starter homes, low-down payment properties, condominiums, or small apartment buildings, you'll benefit from experience by specializing in one aspect of investment real estate properties.

4. Know the Costs going in! Know the financial statements inside out. What are operating expenses? What are loan payments? Vacancy costs? Taxes? What does the cash flow statement look like? These are key issues that must be addressed before making a solid investment.

5. Know where your tenants are coming from If the last rent increase was recent, your tenants may be considering a move. If tenants have a short-term lease, they may be living there simply to attract unsuspecting buyers. It is also important to collect the tenants' security deposits at closing.

6. Assess the tax situation Taxes are an integral part of successful real estate investing, and they often make the difference between a positive cash flow and a negative one. Know the tax situation, and see how it can be manipulated to your advantage. It may be a good idea to consult a tax adviser.

7. Investigate insurance coverage If seller's coverage is based on lower-than-current replacement value, your insurance cost may increase when you pay a higher purchase price.

8. Confirm Utility Costs Ask the local utilities to verify recent utility expenses, especially if any of these costs are included in your tenant's rent.

9. Consult Your Accountant Taxation is a key element of successful real estate investing, so be sure to find an accountant who is well-versed with the constantly evolving tax code.

10. Inspect! Make sure that you always perform a thorough inspection of the property before buying it. Never, ever buy any property without at least examining the site. In some cases, hiring professional inspectors to examine the structural mechanical system may be a sound investment.

Happy hunting,
Zeek

This is where you go out and go bird dogging and/ or get finders fees. find the properties, talk to another investor and re assign them. That is what everyone else talks about. Me personally i have never done that. Another idea is do you have any credit cards? If so leverage them and utilize them.

I've been riding around neighborhoods in Phila and I've seen a lot of properties. Took down info for a couple of duplexes. I'm just starting out with this. Dont even own a home of my own. Figured duplexes would be easier way to get started while also allowing me to live there. Sound good or should I go for single family home or rowhome first? Nervous and scared, but determined to see this through.

That is a sound strategy, especially if the rental market is strong on such properties.

Definately go with the duplex that way you live rent free and you have positive cash flow.

Not at all go for it.