Hey there guys, i know it becomes a pain to answer the same questions over and over, but i just have to ask. I am a new investor and i am planning to buy my first home in the next two months. At this time i think my credit should be good enough, although the more i am learning i am starting to question if i should even go the bank ruite at all or if i should try and find private financing or hard money investors. Also, i first thought that the “subject to” strategy would be my best bet, but now i think that another strategy would probably be better in this market. I know everyone has different opinions but how do you think i should start out? which way do you think would be the least risk, with still a decent profit? o, Also should i try and find a mentor possibly before i get started, at a local REI club? O and is there a website which i can find analysis on the local market? Would wholesaling be my best bet in the beginning? Also, i have 5k to invest.
Welcome jesikes. My first advice is to keep the $5k in your bank. What I did is I went to my local real estate investor’s club. There I found real estate brokers, appraisers, contractors, mortgage companies all advertising there. They didn’t sound like the ones I see on every other street. These guys specialize in investment quality real estate. First I got myself pre-approved by one of the mortgage companies that I found there. That lets me know if I should buy a $30,000 bungalow of a 500 unit apartment complex. Really the only thing that stops you from buying the Empire State Building is being able to get it financed. The mortgage broker will allow you to size your investment. Make sure it is a rehab loan with fix up costs in the loan. That way when you buy the house and fix it up you still have your $5k. I then used the real estate brokers, inspectors and appraisers I found there to look for property for me.