Need advice - Posted by Fran

Posted by Fran on May 03, 2006 at 09:43:01:

I am very new into the RE industry and I am looking for some properties that I plan to buy with no money down. I don?t have much experience. I have set some goals for this year and they are as follows:

  1. To buy 2 properties (buy low) this year with no money and turn around and re-sell them.
  2. To buy a multi unit 4 or 6 family to rent out. I am not sure yet how it will work for the multi unit with no $. I was thinking of using $ from goal 1 providing I buy well and use it for goal 2.

I will appreciate any comments on my goals as well as advice. Now I saw an ad for the following today. What is the best way to approach this? I live in NY and this house is in New Jersey. I do plan to move to NJ.

$430000 / 3 Family House.
Great Investment for Rental income or Owner Occupy (Lease Option can be considered.)

Unit 1 - Main House ? First floor 2 Bed / 1 Bath, Occupied - $1200 Monthly

Unit 2 - Main House ? 2nd and 3rd floors ? 3 Bedrooms / 2 Full Baths, Vacant (rent at $1800 or owner occupy)

Full newly refurbished basement with additional 2 bedrooms and bathroom with washer / dryer facilities

(can be combined with either apartment for additional income)

Unit 3 - Back House ? 3 beds / 1 Bath ? Occupied - $1200 Monthly

Thank you all.