Re: How do I start from nothing ? - Posted by anthony
Posted by anthony on May 08, 2000 at 16:14:38:
Hi Joanna. Congratulations on taking charge of your life. It is the first step to a long run of success.
But, I would respectfully caution you against the lease-purchase option. Typically, the reason they’re being leased is that the seller can’t get rid of them on the market. Usually, they are over priced to acommodate the seller’s risk. They nearly always require large up-front payments. Plus you pay over market rent until you can complete the purchase. It’s just throwing money away, but even faster. In my businesss, I find that few people who are not able to purchase now be not be any better off in a year or two. Then if you can’t exercise youer option, you lose your entire investment and, more importantly, all that time.
It would be much better, while your income is still low, to contact your local Housing Finance Agency and try to get into one of their very money low down, very low interest, first-time homebuyer programs. Often they have grants for help with the closing costs and prepaids. Some get you into a home for as little as $800. Don’t have an aversion to lender monies; it’s better to use their’s than to use yours.
Good luck. Remember that you travel the road to success one step at a time. Be directed, but be patient. Don’t expect to retire on your first deal.