Posted by Lou on October 22, 2003 at 23:16:36:
How much do you have to invest? Can you make the payments if it does not sell quickly?
Am I being mislead? - Posted by Phae (FL)
Posted by Phae (FL) on October 21, 2003 at 22:43:51:
I recently made contact with a REI in the South Florida area that instructed me to start my RE investing using pre-construction properties (paying the dwn payment of 10% & closing cost)then selling them using a 30 day window before I have to pay the monthly mortgage. He claimed after I do this a few times I could buy condo(s) to hold and use Section 8 or general renters to cover the cost with a small monthly cash flow( $250-300 per unit). It sounds like a great strategy that I should do but as I read the articles/ Q&A on this site it seems that I should not have to use my own funds or wait 8-12 months to collect on my investment. When I asked him, he said I would make more $ due to appreciation without any work, than with the other options (flipping, L/O etc). Is this true or is he showing me only 1 approach? What if any are the negative points? My goal is to be a REI and be free of my current J.O.B. Thanks in advance.