too young and poor to get started?

General Real Estate Investing
1

hi,

I’m interested in getting started in trust deed investment but I’m only 24 and don’t really have any assets…so there’s nothing really I could put up for collateral for a loan, nor do I have the money for a down payment so I’d need a no money down loan.

think it’s possible to find a loan that requires no collateral, nothing down, and reasonable interest rates for someone as young as me?

I don’t know how much money I’m looking for, but I think I read somewhere that the minimum investment with trust deeds was $50,000…someone please correct me if that is wrong.

unless the deed of trust that I’m going to be investing in is the collateral?

anyone have any thoughts? any help for a beginner is greatly appreciated!

thanks!

2

the bank let you borrow a million dollars (5 houses at 200k each) at age 20 basically all at once with no collateral and no money down? only a good credit rating?

3

I bought them all at one time 5 banks let me borrow 200k each

4

and you didn’t have to put up collateral or a down payment?

5

  1. when you don’t have any initial collateral, does the house you want to buy become the collateral for the loan? can you still get no money down and a reasonable interest rate in this case?

  2. do banks have a problem with someone as young as me going around town to several of them and borrowing a million dollars within a year? in other words, if I just took out 200k at one bank, another will let me take out another 200k at its bank a month or 2 later?

  3. is there some sort of upper limit to how much I could borrow?

thanks!

6

try this web site www.moneyshark.com

7

well I’m just asking these questions generally. so I’ll repeat,

  1. when you don’t have any initial collateral, does the house you want to buy become the collateral for the loan? can you still get no money down and a reasonable interest rate in this case?

  2. do banks have a problem with someone as young as me going around town to several of them and borrowing a million dollars within a year? in other words, if I just took out 200k at one bank, another will let me take out another 200k at its bank a month or 2 later?

  3. is there some sort of upper limit to how much I could borrow?

thanks!

8

to which issue are you saying you did when you started, are not advising me to do so, and works?