Re: In need of a letter, rock and a hard place - Posted by Ellie (NYC)
Posted by Ellie (NYC) on July 16, 2002 at 16:23:24:
I’m a newbie myself, so I apologize in advance if I am over-stepping my boundaries by responding to your post.
As a new investor who just bought their first property last month, let me first congratulate you! I have not yet made my first transaction…I am still in the reading/learning stage. However, after reading your post I wanted to just give you my two cents. You did ask for ANY words of advice, right? Not just experienced words of advice! So here goes:
I know nothing yet about dealing with realtors or pre-qualification letters or forclosures or rehabs first-hand. I do, however, know a whole lot about debt!!! So in order to avoid the problems associated with conventional loans, I am starting out with “flips.” Have you thought about getting into flipping properties for awhile in order to first generate the cash to then get into foreclosures? From the many posts I’ve read here and the books I’ve read independently, I believe that flipping seems the best bet for those of us who do not have cash savings or good credit. Try searching the archives with the keywords “flipping,” and “flips.” That’s how I got most of my information on the subject.
I hope that helps. If not, well then “happy investing” whatever you do!