Posted by Ash on July 29, 2005 at 07:32:51:
Nick, Thank you for your reply. Yes, I would love to hear about any options / directions that will help me start investing. my email: investor_tools@yahoo.com
LOAN / LINE OF CREDIT - Posted by Ash
Posted by Ash on July 28, 2005 at 14:50:38:
Please give me ideas about type of loan/line of credit, if any, available for novice investor with credit scour above 700, but no employment? I was doing creative work, art/digital (wasn?t smart enough to do creative RE investment) for the last few years after farther education and years of motherhood. Never owned a home, my rent is under $600. Is it better to try to own a home first or can do without it for now? What sorts of loan are available? I have small monthly cash enough to sustain myself.
Thank you, Ash in West FL.
Re: LOAN / LINE OF CREDIT - Posted by John B. Corey Jr.
Posted by John B. Corey Jr. on July 29, 2005 at 16:03:28:
Ash,
There are loans that cover your situation. Good credit is a positive. Lack of verifiable income is a negative but that only means you will not get the absolute best rate.
You want to work with a good quality mortgage broker that has references you can check. Look for a mortgage broker that works with investors on a regular basis. (I am not a mortgage broker and I am not suggesting anyone specific).
On your other point.
Renting can be a better deal depending on a number of factors. If you can rent for less then it would take to buy continue to rent and look for investment properties where you can get positive cash flow (or flip is you only want to hold short term). John Schwab is a RE investor from FL that rented for a long time because he could rent a better place then he could afford to make the mortgage payments on. Rich Dad Poor Dad says more or less the same thing.
John Corey
Chelsea Private Equity LLC
Re: LOAN / LINE OF CREDIT - Posted by Nick
Posted by Nick on July 28, 2005 at 22:44:57:
I bought my first 3 investment properties with 100% financing and still dont own my own residence (I live with my mommy! haha). Its possible. With 700+ scores you can do it. Remember, none of us were smart enough to do creative RE investment until we actually tried. It’s based on experience. Email me and I can provide you with some advice if youre interested.
Re: LOAN / LINE OF CREDIT - Posted by Ash
Posted by Ash on July 30, 2005 at 10:22:27:
John,
Thank you for taking the time to clarify these points. Any knowledgeable input moves me closer to my first target.
Ash