Posted by Nick_FL on October 14, 2003 at 16:23:32:
carrie’s right, i got an o/oc mortgage when i was 20 and worked at Subway (i wasnt even a manager). Youd be surprised… Good luck
money is the only issue - Posted by Matt
Posted by Matt on October 14, 2003 at 14:46:37:
I have posted a couple of messages on this website and have got some great answers. I have researched quite a bit and I think I am ready to get started investing. I have been looking in the newspaper and on a bunch of websites and have a good idea about my market. The only propblem is that I am a 19 year old college student who only has $1500 to invest. I am pretty sure that I can’t get a mortgage at my age, but I might be mistaken. Any advice on how to go about taking this first step? Once I get past this initial step I can start flowing, but I don’t know how to start. Thanks for the advice.
Re: money is the only issue - Posted by CS
Posted by CS on October 14, 2003 at 20:12:27:
Why not use that money to buy a few good books and read as much for free as you can online.
Don’t worry about qualifying for a mortgage at this point. Use OPM (other peoples mortgages) or assign contracts to build up some cash to get you going.
CS
Re: money is the only issue - Posted by Carrie-PA
Posted by Carrie-PA on October 14, 2003 at 16:11:52:
Hi Matt,
I am 19 and own 2 houses currently (one with a mortgage and the other I paid cash that I got from my father who acts as my private lender, so I pay him every month. We are also closing on our third house Oct 30., a rehab. Why don’t you think you can get a mortgage? As long as you have income and decent credit I don’t see why you couldn’t get a owner-occupant loan on a property, maybe a duplex. That way you could also use the income from the rented side in your loan app. to help you qualify. It is always harder to get an investor loan though. Here are some options: Hard Money Lenders - they only care about the deal, they will lend up to 65% of arv. Private lenders - you could advertise for these locally. Earn 12% on your money secured by real estate! Something like that? Or you could get a money partner, splitting profits, plus they could guide you but I’d really have to trust someone to partner with them.
Do you know what type of investing you are going to do? Flips, rehabs, rentals, sub to’s, l/o’s? Obviously with flips, sub to and l/o you will not need to get financing. And of course you could always try to get owner financing on property.
Also have you been to the mobile home board on this site? $1500 would be enough to get started in mobile investing if that interests you.
Well I hope this helps and Happy Investing!
Carrie ~ PA
Look at doing things like flipping - Posted by mattc - mi
Posted by mattc - mi on October 14, 2003 at 15:30:45:
Look at doing things like flipping first - putting
properties under contract, and flipping for 3-5K
to other investors. I’d suggest a course on flipping,
or a book such as Flipping Properties by Bill Bronchick - check it out on amazon.
I’d also suggest reading the book Rich Dad by Kiyosaki,
and reading all you can on CREO, the Rich Dad site, and also Bill Bronchick’s site - legalwiz.com I believe.
Regards,
mattc - mi