YOUNG AMBITIOUS WOMAN WANTS TO KNOW HOW TO INVEST IN REAL ESTATE

HELLO ALL,

IM VERY EAGER TO LEARN HOW CAN I GET 100% FINANCING IN BUYING REHAB HOMES AND ETC. (IF IT STILLEXIST) I’VE READ “RICH DAD POOR DAD” BOOKS (I LOVE HIM!) IVE BEEN READING TYLER HICKS BOOK “HOW TO MAKE MILLIONS IN THREE YEARS” I JUST BOUGHT HIS BOOK YESTERDAY CALLED “HOW TO ACQUIRE 1 MILLION IN INCOME REAL ESTATE USING BORROWED MONEY”.

NOW, I WOULD LIKE TO MAKE MILLIONS IN A YEAR. BUT, I’M A PERSON THAT LIKES TO CREEP BEFORE I WALK. MY QUESTION TO EVERYONE:

1. WHERE CAN I GET ASSISTANCE FOR A DOWNPAYMENT
2. SHOULD I TAKE OUT A SMALL BUSINESS LOAN AND BUY SOME PROPERTIES.
3. WHAT LOAN TYPE SHOULD I TAKE OUT
4. DO ANY OF YOU GOOD FAITH PEOPLE KNOW SOMEONE IN THE NY AREA THAT DEAL WITH SPECIAL PROGRAMS?
   5)ANY PARTICULAR BANKS? AGENTS? THAT I CAN WORK WITH?

THANK YOU ALL IN ADVANCE!
SORRY TO WRITE IN CAPS :biggrin

Hi,

Welcome to Real Estate Investing and REI Club!

Have you read Gold Rivers book on "How to Make a Million Overnight by Marrying a Rich Man? lol I couldn’t help myself, please forgive me!

I have been investing for 31 years, I don’t think I ever “Made a Million” in my first year or for that matter during the years when I was first starting out! Most investors will tell you the books and courses you might take that tout “Be a Real Estate Billionaire in 3 Minutes” are not exactly telling the truth!

There trying to real you and me as consumers in to sell a product. And although someone may luck out and make a trillion dollars overnight this is the exception to the real world.

A million dollars in real estate can be 100 homes in Detroit or 1/150th of a home in Beverly Hills, the important part is discerning the good, the bad and the ugly!

Assistance for down payments is for owner occupied homes, one you buy and live in for 2 years, and you have to be low income to qualify for down payment assistance. Now you can buy an owner occupied home through FHA for 3% down plus closing cost’s! But you have to live in it for two (2) years to meet the owner occupied provision.

A small business loan is just that, for small business! It is very difficult to get business financing as a new business, you would be lucky to get $25k from a bank and may be able to get upwards of $100k to $250k if you have credit over a 760 mid score, but for an actual business not “Oh, I’m keeping it to put down payments on real estate”!

Now, a real estate company is different but how do you overcome education, experience, track record, or write an effective and acurate business plan?

For buying real estate there is Conventional, Private and Hard Money loans!

Unless you meet low income requirements you won’t find programs and right now with the mortgage melt down a lot of programs have been suspended, and remember these programs are for “Owner Occupied Buyers” which only includes you if your not a current homeowner!

There are 16 listed REI Associations in New York so go check them out, ask questions and start building a team for your investing! There may be other REI Club members here from New York that could give you specific insite to NY real estate investments!

I hope you don’t get discouraged, but instead become encouraged to start reading here and learning all you can and you will know when the time is right to buy that first property!

Good Luck to you,

                      GR

I remember when I was just starting out and so I went into a bank, sat down in front of the loan officer and said, “I would like to borrow money for the downpayment on a house.”

I was gently informed that, “Banks don’t lend downpayments, you have to save up your own money.”

GoldRiver wrote you good instructions. We were all beginners once, and we remain learners always.

Here is more advice:

Read this great free site often.
Get a job.
Cut your living expenses–roommates, move back home, downgrade.
Pay off all your short-term debt.
Don’t buy expensive stuff on credit.
Start saving big chunks of your income–20%, 30%, more.
Buy an owner-occupied duplex or triplex.
Move into the small, ugly unit and fix it up.
Raise rents.
Now your ready to come back and ask…“What’s the next step?” You’ll get great advice.

Furnishedowner

I have to commend Gold River…He takes the time to answer the threads that people simply pass over…Including me… :beer

:shocked GM lol, that was a “great” advice with me marrying a millioniare. I wish that was the case. If I were a millionaire wife. I wouldnt be that wife that sit home all day twisting my hair and shopping all day. Some woman have have all the luck. Instead, Ill be helping out my husband with his business and making sure that we are alright. It was great advice. I didnt expect to make millions so quick slow and steady for me always win the race. Haste make waste and who wants all lose all.

Indeed, I love this website. You’re wonderful support team will see me often. :beer to my other two responders

Sounds like your really ready which is great. I have a few suggestions for you but first what’s your experience in Real Estate up to this point?