Posted by Greg NY on March 15, 2001 at 14:12:59:
Why dont you just go out and buy a book? Reading the posts are good but reading a published, edited, page 1 to page whatever book should be that bolt of lightning.
The books are written in a way that is understandable. It gives the information a chance to sink in. Then the posts and articles will make sense.
Greg NY
How can I buy income property - Posted by Fernwood
Posted by Fernwood on March 14, 2001 at 18:29:43:
I want to purchase an income property. The type I’m looking at are in the $445,000 to $775,000 price range.
The problem is we (my husband and I) both have superb credit, we own our own home free and clear but we don’t have any hard cash.
Is there any ‘creative way’ I can get into a property.
Thanks in advance for any info you can provide.
If you can’t figure out financing… - Posted by SueC
Posted by SueC on March 15, 2001 at 12:59:12:
…how are you going to figure out how to buy and run an income property?
I don’t mean to be mean, but finding the money is only one small part of the entire project. Are you working with an agent to buy your property?
You might start by reading a few books: Nothing Down for the 90’s by Robert Allen and 5 Magic Paths to Making A Fortune in Real Estate by James Lumley. Both at your local bookstore, they will help you with this deal even if you’re not interested in really doing a lot of REI.
Good luck,
Sue Caskey
Re: How can I buy income property - Posted by Dave T
Posted by Dave T on March 15, 2001 at 10:33:21:
You don’t give any information about the type of income property you are interested in. Are you looking at commercial property, a single family residential property, a multi-family rental property (more than four units), vacant land?
Bank lending strategies are not the same for all properties, and your creative options may be dictated by the type of property you are looking at as well as the seller you are dealing with.
I first approach a deal in the belief that it should stand on its own. Since you are a new real estate investor, I would strongly discourage putting your home at risk to finance such a large project for your first investment. There are very, very few deals that are so good that I need to jeopardize the equity in my house to finance a deal. I would rather walk away from a deal than risk losing the roof over my family’s head.
Re: How can I buy income property - Posted by Capt Obvious
Posted by Capt Obvious on March 14, 2001 at 22:16:33:
ahhhh, maybe you could borrow against the equity in your house.
Re: How can I buy income property - Posted by Nate
Posted by Nate on March 14, 2001 at 21:25:19:
if you own your home free and clear and have good credit, you should easily be able to take out a mortgage for 75%-80% of the value of your home in cash. then use that to start investing.
also, read all the articles on the site.
Nate
You don’t know the meaning of mean! - Posted by Fernwood
Posted by Fernwood on March 15, 2001 at 15:39:25:
I appreciate the imput very much. Someone said they don’t mean to be mean and another was quite sarcastic. I just want to say that I worked for the devil himself - Conseco Finance(previously known as GreenTree) as a collector on deliquent mobile home mortgage payments. Believe me you don’t know the meaning of mean till you’ve had your life threatened numerous times a day. Anyway, I was paid a large bonus when I could find someone to take over the note of a mobile home that was about to be abandoned. Of course, I didn’t have a clue what it was all about but I made some good money from doing it. I got the idea when I left (my soul was in serious jeapody in that hell-hole)haa! that I could try and get into investing.
Again, Thanks to everyone for their imput and sorry for rambling.
Re: If you can’t figure out financing… - Posted by Fernwood
Posted by Fernwood on March 15, 2001 at 15:19:53:
Thanks Sue for your imput. I’m just testing the waters. I spent 35 hours (5 hours a day) reading REI and didn’t get it. I have realized that the info I was accessing was too fragmented. I have since found a course on REI and I will spend some more time trying to absorb it. I am open to the fact though that this is not for everyone.
The property I want to invest in is not a traditional rental property. It is 100+ acre horse boarding facilty where I would also reside I am also interested in flipping properties to get my cash flow going.
I’m testing the waters before I proceed and get into trouble.
Re: How can I buy income property - Posted by Fernwood
Posted by Fernwood on March 14, 2001 at 23:17:16:
Thanks to all who have answered my question.
It may seem like the answer must be ‘obvious’ but I don’t have a clue. I have read the posts/articles/how to’s for a week and it’s not sinking in. I guess I’m just not smart enough.
Anyway, I’m asking the question for personal use as it doesn’t seem like I will be able to grasp this. I’m reading the free info over at angelfire.com TCG’s info group hoping that a bolt of lighting will hit me and spark some brain cells. Anyway. Thanks again, the help is sincerly appreciated and keep it coming.