Sure, it can be done. It is not easy if you do it the “right way.” Which means, to me, that you learn about real estate investing before you buy. Now, you previous experience should come in very handy and give you a boost up. Here are some posts for begginers: Paul on the Carleton Sheets board2 of CREONLINE.COM: put “expert” into the search function. JohnBoy here on the main bulletin board at message number 70929. Mine here on the main board is at number 59703, for 2001. You may get it by putting “beginners success” into the search function.
You can buy at a distance, but it is harder. You might want to go there and spend a week or two figuring out the kind of property that you want to buy, location, etc. Then work through some real estate broker via e-mail pictures, fax machine documents, etc.
You don’t know what loan you might get until you try. Try a couple of mortgage brokers or lenders in the location where you want to buy the property.
I would suggest that it might be better to invest close to home first, then do the distance thing when you know more about what you are doing. But, it’s your dream, so do it as you can.
Dream: desire to buy cottage in florida, Carribean, then rent out.
We are buying our own home presently.
I have excellent credit.
Experience: Real Estate License, Former Real Estate Property Manager and good at it.
Now a Counselor.
I am at home now…with a little time.
I don’t know much at all about how to invest. I do understand terms though.
For example: how can I buy another home? Doesn’t the bank see that I have a mortgage…and disqualify me based on debt to income ratio protocols. Meaning the mortgage on a second house would X…and our mortgage on our own home is pretty high…so isn’t our present home shown as debt?
Second: How do I buy on contract in another state? How do I find the properties? Do I send paperwork in the mail to another party and wait for signature? Can I do it on the phone?
I would like to do this as a challenge to myself that it can be done…I just need someone who can guide me…who maybe has done it before themselves.
Can dreams come true? How would you do it if you were me?
Thanks so much for your time and response ahead of time :>)
Megan