Calling Mike Oldfield - Posted by TimNY

Posted by TimNY on May 21, 1999 at 11:26:07:

Thanks for the info. Every shred of information I can get about successful RE investment is a big help.

Calling Mike Oldfield - Posted by TimNY

Posted by TimNY on May 20, 1999 at 11:42:54:

Appreciate and enjoy your posts. I just wanted to ask a couple questions about how you started out since I’m in the same general geographic area as you-WNY. Did you start out with any cash or equity in a property? What kind of deals did you do at first? I realize your frustration with us newbies but I’d like to determine what the best path to success is given my situation. Thanks.

Re: I was scared senseless on my first deal! It soon passed - Posted by Mike Oldfield

Posted by Mike Oldfield on May 21, 1999 at 02:00:34:

I had $2700 bucks in savings when i started

First deal FHA 203(b) owner occupied duplex $1400 out of pocket never moved in cash flowed $378 per month. Scared senseless

Second Deal - Owner finance for 90% LTV Credit card advance for balance

Third Deal - Freely assuamble loan and owner 2nd 1st truly NO MONEY DOWN HURRAY

Forth deal 203k cash on pocket at close (sort of) tied up a while in escrow (I beleive program has been eliminated for investors) Which is fine because i made up my own any way and mine is better hehe :slight_smile:

Fifth deal cant remember


I love real estate and helping others achieve there goals. I take the time to answer questions when I have time. Feel free to bring em on. I promise you my best.

Good Luck,

Mike Oldfield