Hi, I like to invest in property, preferably duplexes to start off, but the problem is how to begin. I’m a single guy who makes $90K/yr as an engineer in San Francisco, CA. Have good credit, some savings and I’m a veteran who served 5 years in the Active Army. I want to start investing with a goal of doing it full time within 3 years. Is this possible? I do not own a home; the market in California is pretty high in terms of real estate (and everything else) so i like to concentrate on out-of-state real estate property. How would that work in terms of borrowing, mortgage loans where I want to purchase at least one piece of property per month, if it’s possible?
Any help or mentoring would be greatly appreciated…
Thanks
IPR
Yes you can get started right away in investing.
it does not matter were you live you may invest out of state all day long.
What I would suggest is get pre-approved not pre qualified there is a difference one the pre approved is pre underwriten and other is not.
When are pre approved you will then have a letter stating that you have been pre approved and you have a source of funds to close this letter is as good as Cash if you are working with a FANTASTIC and GREAT loan Broker because they will get they deal done.
I would suggest that you stay in the 1-4 unit range until you get accustom to being a landlord and you know what you are doing and then after two years then you may want to invest in the multi multi family complexes which will then put you in the commecial realm.
That is exactly what I want to do. To purchase duplexes, triplexes, and homes. I really appreciate your recommedation for pre-approval mortgage loan. I will take that route. Maybe Ameriquest, or something similiar. Out of state property looks very attractive.
Thanks
IPR
Yes you can deal with Ameriquest I would recommend that you look for a mortgage professional on this forum or your Local REICLUB
Ameriquest or Argent only will allow you to do 5 loans up to 1 mil in total volume which ever comes first.
You need to do consider some one that specialises in helping you buy multiple properties or you could find that your closings are going to take longer or they wont close at all once you get more than 5 loans on your credit report.
Please refer to this thread
http://www.reiclub.com/forums/index.php?board=26;action=display;threadid=4002