Hi Everyone,
Well, I"m not officially a newbie on this topic. I’m looking for some guidance and was wondering if someone can point me in the right direction. I have been reading on here and it seems like REO knows his stuff. Anyways, can someone suggest some reading that I can read to learn more. My goal is to get into an LLC with my GF and get at least 1 property, either a 2 family or a three family. I recently bought a condo for cheap money, it will be a year this February. I’m assuming that I have equity in the place but don’t know exactly how much. We make decent money, but don’t have much saved to just plop on a downpayment. So, i’m asking all of you on this forum for any tips, suggestions or anything that would help me out. I want to be able to make some sort of additional income but through property…
Thanks
scottycam,
Thanks for the kind words! There are a ton of programs out there! Alomst more programs then loans! The only problam is finding the one to fit your needs! There are really no true courses that cover everything, I know $cash$ has a great subject-2 course, I personaly never had time to read any of them I got involved with a very wealth investor before I even knew this is what I wanted to do, Truth be known he kinnda forced me to work for him with a crazy salary and awsome perks till he passed away. The best advice I have is that every deal is different do not limit yourself to only one thing and be as diverse in all angles. Do not limit yourself..I have a course coming out soon what is it that you are looking to do?
As of now, I want to somehow purchase a duplex or triple decker and try to rent that out. I’m just questioning on what the right price should be that I shoul dbe looking for. I mean, of course, I would liek to buy something thats less expensive, but what is less expensive? In my area, (boston) less expensive for a triple decker is about 320K. I know I don’t have enough for that. How do I purchase that the “smart way”? Little or no money down… I want to establish some sort of side income. Also, since I already own a condo, if I buy another property, would the bank consider that an investment, therefore, changing the rules a bit and would demand that I put at least 20% down? As you can see, I don’t know much about how the real estate really works… All I know is that I want to get started on purchasing and renting out property but just don’t even know where to begin. I know where I want to end up… but need a start first… Thanks REO