Newbies in Tracy, CA

My husband and I attended the Russ Whitney 3-day real estate investing course where, naturally, they try to sell you additional courses ranging from $6k to $89k. We didn’t bite into the addt’l courses. We did get an overview of the various areas of RE investing though, and we’re interested in getting our feet wet. We’ve got about $20-40k with FICO scores in the low 700’s. Ofcourse, we’d like it if we didn’t have to put any $$ down. Any advice on getting 100% loan without going thru the traditional lenders? I know most of the hard money lenders will do 65-70% LTV. Being “newbies”, we’d like to know how to find someone to “hold our hand” through the process initially? My husband is a newly licensed Realtor, which I presume may help in the process. Any advice out there?

I did not like the Russ Whitney way of doing business. Every step you take requires more money. All he does is upsell upsell.

But what are you interested in doing. Are you purchasing your first home or your first rental property. Are you interested in Foreclosures?

I always suggest the formation of an LLC to put your profits into and get loans to carry your business to the next level.

To be honest, I had read books and attended Seminars for years and finally found the missing link to real estate investing for me. My partner and I formed an LLC and received some credit cards and then got a loan.

We purchased a rehab property that is also a foreclosure and will realize a nice profit but the only reason we were able to get this far is with our LLC

Yeah, we realized that after attending his seminar. Upsell is what they all do, I believe.

We own our home. We’d be interested in getting a rental (or lease option it). I wanted to research how to buy foreclosures too. We thought of buying distressed homes & fixing it up, but that appears to be alot of work and will take more $$$ and time in the process.

They mentioned forming a corporation and LLC at the seminar. They suggested opening these up in the state of Nevada due to that state’s laws. Where did you open your LLC and how much did it cost you?

Sure do appreciate your help! Thanks very much!

I opened it in Nevada because of the favorable tax treatment. It cost around $500 total.

I’m researching more on multi-family units. The more I read about it it just makes sense. 4- 6 units to start. The single family homes are losing appeal, the more I read and study. Not ready yet but I’m gearing up for that.