Ok my family recently started to invest together with everyone having a job. We are working on Long Island, and we have begun to find homes. My mom is worried if we find a home that we wont be able to find money, but everywhere i read I see people saying that, “if its a good deal you will be able to find the money”. Only thing is im kinda afraid that I will find a deal and not abl eto find the money. I wanna do rentals…Lease options are always there, same with owner financing, but I still would need $$$ to pay.
Can someone help clear this up…If you found a home today, and the owner agreed to sell it for 400,000. What would you all do to get the money? what steps…
First thing you need to do is get pre-qualified. If you have a bank that youre already banking with then call them up and they will guide you through it. They will run your credit and hopefully give you all the different options that are available to you. OR find a Mortgage Bank/Broker and they will provide the same service for you.
Long Island is a great place to invest. You can still pick up some great deals there and generally prices for multi-units there are a still a lot lower than in Manhattan. My friend is starting to get into buying vacant lots in L.I. and building on them. Its amazing how much cheaper it is to build than to buy a pre-existing home…but of cousre lots are hard to come by anywhere in NYC.