How do I start from nothing ? - Posted by Joanna

Posted by David DeSimini on May 03, 2000 at 11:28:30:

Hi Joana,
My name is Dave DeSimini. I am a beginning investor, and also a mortgage broker. I live in NW Indiana, and depending where you live in Illinois, may know other investors who would sell on contract. Please respond if interested. Thanks, Dave

How do I start from nothing ? - Posted by Joanna

Posted by Joanna on May 03, 2000 at 24:35:46:

I am a single struggling mom that pays $800.00 per month in rent. I am tired of thowing all this money out the window. I really desire to buy my first home ASAP. I am at the end of a 7 year bankruptcy ( It should be wiped off my credit report this month). I bought the Sheets program and attended his live seminar but his program doesn’t go into this area enough. I really do not want to go to banks for money to buy. I am looking for the best strategy to lease-option my first home and do this as a business. Does anyone have ideas on how I can successfully carry this through ? I have gone thorugh this site and I am confused about what someone like me should do first? How do I know that a deal is worth negotiating/ accepting? I am from Illinois if this helps. I am ready to get serious and would greatly appreciate any advice. Joanna -

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.

Good luck