OfflineI’m just getting started, I think this is around my 4th post. I’m not really sure if this is the correct place to post this question, but here it goes anyway. Living dangerous! 
Are there issues we are going to run into if we purchase a property before the end of December? Such as coming up with money for taxes? Does it make a difference if it is FSBO, MLS, short sale or a REO?
This is all new to me. Due to circumstances threw out the years we have never owned our own home. We have been throwing away money on rent for way to long.
I was planning to buy investments properties and raise our income then purchase a home for ourselves.
As I am writing this I got to thinking, am I going about this the wrong way?
I do know there are advantages for first time home buyers. I am a veteran and we have never used my VA loan. The $8000.00 first time buyers credit as well as by owning a home you gain certain write offs. We don’t have a down payment of any type and we can not afford a very large mortgage. I’m not sure if or how we might be able to get in a home. We have not used credit for anything in over 11 years, as far as I know we have no credit rating. The only proof of our credit worthiness would be from our rent (We have never been late) and I have worked for the same company for 12 years now. If I'm able to structure a "killer deal" and purchase a home with good positive equity should we be able to pull the equity out or use it as collateral to purchase more investment property right away?
Are we missing a big opportunity here? I know this may seem strange I am just now thinking of some of these ideas as I am writing this.
Should I be getting out there and talking to a broker and realtor about our situation or focus on investments first.
Thank you and have a great Thanksgiving
Mark & Julene
"To continue to do the same thing you have been doing and expect change is a sign of insanity"
I hope you all are having as much fun as I am and good luck!
Have a great day!
Mark
Mark & Julene you should really check out the VA loan,A friend of mine about 17 years ago used his benefits and bought a 100k home with a 200 hundred dollar down payment.
Invest in yourself!
I received my “Profit from RE Right Now!” book a few day ago and I have been reading it. I’m ¾ of the way through it and I think it’s one of the best books I’ve read about REI.
I’ve been doing rehabs for about 2 years for other REI and I want to get into this. I have looked over the web site (Deans) and it sounds like the Academy is the place to be. I’m going to find out how that works.
Just from reading the first ½ of the book I found a homeowner who is about to loose her house to the bank. Having a bit of knowledge from what I’ve seen from the investors I’ve done work for I managed to lock up the house with an option to purchase contract and her signing a “Authorization to Release of information” form I called the bank and stopped the foreclosure sale. Now I have to put together the short sale package and try to negotiate a price that is acceptable and try to flip the house to another investor so he can rehab it. Unfortunately I don’t have the means ($ or Credit) to rehab myself. But I do think it would make a great project for another investor and maybe I can make some $ in the transaction.
Would it be acceptable to list this property in this forum? I’m asking because this is my first posting.
EugeneA
"It's not what happens to you that determines how far you will go in life,
it is how you handle what happens to you.
Zig Zigler
Welcome to the REI world. Just go on and continue reading the book and you'll find the answer to your question. Yes you can use the equity of the house to buy another property. To explain futher on this, please read page 178 of Dean's Profit from Real Estate. Hope this helps.
LA
Everytime you repeat the words "I CAN DO IT" with conviction, you cancel or override your fear and increase your confidence. By repeating this affirmation over and over, you can eventually build your courage and confidence to the point where you are unafraid. -Brian Tracy-
Hi Eugene, please check you Inbox. I just sent you a PM regarding your question.
Thanks
LA
Everytime you repeat the words "I CAN DO IT" with conviction, you cancel or override your fear and increase your confidence. By repeating this affirmation over and over, you can eventually build your courage and confidence to the point where you are unafraid. -Brian Tracy-
LA, Thank you for the response. I took a look at page 178 again. I guess the answer you had me seek, was one I just told a couple of my coworkers to pursue not more than a few hours ago lol
.
The mortgage broker!
Each of my coworkers has a different situation, but both told me they have decent credit and they both had been turned down. I found that in both cases they had only spoken to there personal banks. They both assumed that if there bank they had been with for years would not finance them then it would not be possible to get a loan at all. I explained to them that I would have thought the same thing in the past. But now through my RI interest I have learned differently.
The home town good old boys type of banking is a thing of the past. Corporate banking could not care less about you! The fact that the bank president came to you for ideas on how to fix up his home, or even that your grandfather brought there daughter into the world does not work to your advantage anymore. Now days it is corporate and they have a set standard of guidelines they have to follow, with each bank or financial institution having there own set of rules.
The answer to there problem was go out there and talk to a mortgage broker. I told them how” with one credit application” (This was a concern for one of them, they didn’t want to hurt there credit with to many applications dinging there score.) the broker can actually search many banks and financial institutions to find a loan that may work for them.
Hopefully I may have made it possible through the knowledge I have gained, from the books and this great website for them to move forward in there dreams. One of them said he was going to try to get with his realtor (who he has known for a long time) and have him set him up with a mortgage broker on Monday. If he is not satisfied he will work on the mortgage broker himself. He did tell me also that his realtor friend had mentioned the broker in the past but he didn’t understand the possible benefit his friend either didn’t explain it or he was not listing and then he thanked me and asked why I don’t become a realtor.
I told him it took brains to become a realtor. But if you ask most people about investing, it won’t work, what I’m doing is a waste of time and I’m crazy! This is a much better fit for me Lol.
I gained something today as well! I added to my buyers list
I asked the people I talked to, to keep me in mind if they decide to start looking for a home to purchase. With that, one of them started giving me details of what they want as far as bedrooms, baths, sq' garage, what they wanted to spend etc. In just talking with a few others about my RI interest, I also added one other persons information on what they are looking for and how much they are looking to spend, don't think they are real serious though.
Mark
I hope you all are having as much fun as I am and good luck!
Have a great day!
Mark
Good to know that youre talking to other people about your new venture. It's a great feeling knowing at the end of the day, that you've done or learned something in REI. You should buy your first house since you're planning to do so, and learn how the process is being done. You can educate yourself in the process. Good luck.
Everytime you repeat the words "I CAN DO IT" with conviction, you cancel or override your fear and increase your confidence. By repeating this affirmation over and over, you can eventually build your courage and confidence to the point where you are unafraid. -Brian Tracy-
Hey there
I have been here a short time myself. WOW!
I have found a ton of info and a lot of help already. I have been blown away with all that this site and the great group of people here have to offer.
I have spent thousands on other so called guru’s courses in the past (one was in the thousands just to get started) that was a little over 20 years ago. The outdated information got me know where. There was no such thing as free information, materials or a community of like minded people to help you along the way. You paid for everything. They were great at there job! Calling, to sale you more, and more all the time making you feel like the answer to "making it big" was with the next purchase. As you worked through that information you would find again that it was also still outdated.
I was so disgusted with myself. Rather than returning it within the given time I kept trying to find someone (realtors, friends, brokers or just someone that would help me make it work. I blew it, I was young I kept trying; I thought I would hit that first deal and then I would be able to pay for what I had spent. I made offers, but I would get shot down, not legal, I won’t present that, you can’t do that, it won’t work! After that I said I would never get caught up in a TV real estate thing again.
Not the case here, I’m having so much fun, I can’t wait to get off work, crack the book, get on the site and just absorb the information, knowledge and positive feedback being shared here.
I hope you have as much fun as I am and good luck to you!
Mark
I hope you all are having as much fun as I am and good luck!
Have a great day!
Mark