OfflineI have 20,000 dollars and no job how can i start investing i was thinking about buying a house cash then refinancing it and renting it out to section 8. Then use the instant equity to buy more properties and do the same any help will be appreciated.
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I believe you are on the right track. If you can acquire a property and refinance it to get your cash out and in some cases even more cash that is the way to go. Try to find the best deal you can with the most equity and make it happen. After the first one try to keep repeating and watch your real estate portfolio and cash grow. Good luck with all your deals. Believe and Achieve!
- Joe
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Sounds like a plan. Which area are you in?
Yuri
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jrrywds, you already have your plan, you just have to put it in action. As Indiana Joe pointed out, it will all depend on the creative strategy you put into play to achieve maximum results. The job had to be for a reason, here comes financial success. All the best.
Sandra
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As already stated, seems like you already know what you want to do. Get out there and do it! Best of luck!
Success and Nothing Less!
When you take out the Equity of your properties, i understand that is using alot of leverage, in case using OPM (other peoples money).
My question is, if you pull out the Equity of one of your properties, how long do you have to pay it back to the bank?
"Whenever you find yourself on the side of the majority it is time to pause and reflect."
-Mark Twain
When you refinance a property and take some equity form a property you still want to ensure the annual rent covers the annual expenses of the property such as the mortgage, insurance taxes, maintenance and upkeep.
The mortgage can be usually 15 or 30 years. You even receive a deduction on your taxes for interest paid during the year and depreciation of the property. Thus, as an investor, you may have more cash in your pocket at the end of the tax year from the positive monthly cash flow and the tax savings of deductions! I hope this helps. Believe and Achieve!
- Joe
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As long as you buy a home in an area where the crime rates are not high then it sounds pretty good to me and a smart move. You might also still want to do some assignments and make some money, this way you don't put all your cash towards 1 house. I wish you luck, keep us posted.
Jeremy
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This train, Faith will be rewarded
Big wheel roll through fields where sunlight streams
Meet me in the Land Of Hope And Dreams
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i wanted to do some assignments but i cant get a good buyers list goin to assign the properties to
Sounds like you have a plan and get the job done so you can buy more houses and hopefully you wont have to go back to work.
Warm regards,
Paul T. La Moy
Hello,
jrrywds the market over-rides our opinion! You have heard many good points,The market is true...For it is without emotion!
Yes do the instant thing,But remember location in your decision.
Invest in yourself!
Hey jrrywds,
I am very new here but to be honest, I was thinking the same way as you do, all I have is $20'K to start and the part-time weekend job only..
Right now I think a little different and that's the reason for holding me back. It's not very smart idea to spend all your cash. It's much wiser to use OPM, but I have no luck with reliable money lenders! They All want to know your credit score, your income, your assets, your cash reserves on your name and so on. Omg.. are they really hard money lenders?
Sound like a good idea to refinance a property and get a cash out, but you will find out that to refinance a cash paid property the lenders require a seasoning, so you will not refinance right away.
Well, maybe I am wrong.. Let all us know how is going..
I wish you best of luck!
how fast can i refinance the house once i buy it
You look for a broker, they always know a lot of lenders.
Maybe you will find a lender that will not require a seasoning on your cash paid property.
Or you can ask for a loan to fix a property and get some money and
after 6 month or so refinance the property, get some cash out and let
your renters to pay it back.
Well, again.. maybe I am wrong but I guess I read all this in Dean's book!
Lender's discretion whether they will refinance the property or not. Location is going to be key & how prospect area(s) are holding their value.
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the Merciful.
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I am a beginning investor, recently lost my job, basically broke; however, I do have a rental with 35,000 equity. I would like to pull the equity out this house to get started. The house is currently under a 15 year conventional 7.25% mortgage. What strategies would be useful to jump-start my business.
Both my husband and I were laid off recently as like 8,000 other aircraft workers in our town. How can we buy properties using Deans methods?
Really wanting to.