Posted by linda glasper el rice on September 18, 2005 at 18:36:45:
Please email the Marshal Reddick url address in order to obtain information on upcoming seminars throughout the United States.
Looking to get started - Posted by Anita Hale
Posted by Anita Hale on August 03, 2004 at 12:46:11:
Hi! My name is Anita I am a single parent and I have been interested in becoming a real estate investor for some time now. I was wondering what is the best way to get started. I have little to no money and over 6 months ago I paid off my bills on my credit report. But it will take time to build good credit. I was wondering the best way to get started without using money nor credit I don’t have yet?
Re: Looking to get started - Posted by Rob
Posted by Rob on September 07, 2004 at 20:49:36:
Anita,
I’m sure you have seen several courses being sold for hundreds even up to a thousand dollars. The courses are paked with information. Some of the techniques will work for some people and not others. I suggest trying EBAY under real estate and business. Some of these courses are being sold from anywhere between $9.00 and $200. Buy a few. The best way to own a property with very little or no money down is owner financing. You just pay the owner monthly while you have someone living in the house who is paying you monthly.
You say your credit is not good. If its at least 620 you are OK. If its 690 you will have no problems. Some lenders will work with you if its 580.
Owner finance example:
Suppose the owner of the beautiful house you want to buy wants $3000 down. But you don’t have $3000 and you have bad credit so you can’t borrow it from a bank and no one you know will lend it to you. Do you have anywhere from $500 to $1000 dollars cash? If you do then you can take that $500 and open a savings account at a local SMALL bank or credit union. Come back about a week later and ask if you can get a secured loan for $500. They will place your $500 in a CD until you pay back the $500 (these loans could have a repayment term up to 1 year). Take the $500 dollars that was loaned to you and open a savings account at a second bank and start the process over. Take the $500 loan from the 2nd bank and pay off the first bank. Take the $500 dollars from your savings account from the first bank and payoff the 2nd bank.
What you are doing here is establishing credit with your local banks. Remember they don’t pull your credit for these types of loans, but they will report your good payment history to the credit agency, thus improving your credit! Do this process a few times. You will then be able to go to the same banks and ask for a signature loan. They may allow you to borrow more than $500 because you have proven you can handle borrowing $500. You don’t need any money in your savings account for this type of loan, it is unsecured.
Imagine, you started out with $500 of your money. If you went to 6 banks, you can now borrow at least $3000. What if you had $1000, $2000. If you went to enough banks you could have access to $25,000.
Its all about having quick access to cash.
If the house is a really good deal you will refinance to pull the equity out lease option it to a buyer with a down payment of $3000 and you make a little on the monthly rent until they are ready to buy. Remember when you refinance, you pay the original seller off and keep the difference in the equity!! There is more to it than just refinancing. Banks and lenders have something called seasoning.
Feel free to email me anytime you want. This stuff is exciting!
Rob
Re: Looking to get started - Posted by Aubert
Posted by Aubert on August 03, 2004 at 17:01:00:
I started attending free seminars held every month and networking with others. I didn’t start buying properties until a year after. I gradually build my knowlege and understanding in almost every aspect in real estate. And it helps to have mentors at your service free of charge while you are getting started. I don’t know what state you are located in. I’m in California and the network I’ve been attending seminars is at www.marshallreddickseminars.com. This site might be helpful in seeking affordable properties.
Re: Looking to get started - Posted by Robert Lyn Denise Allen
Posted by Robert Lyn Denise Allen on September 07, 2004 at 02:36:13:
We are new with interest in learning about Marshal Reddick and his seminars. Please share information
Re: Looking to get started - Posted by Sharon Satterfield
Posted by Sharon Satterfield on March 11, 2006 at 17:04:26:
Looking in the Houston area.