Re: Newbie looking for advice - Posted by jasonrei
Posted by jasonrei on September 15, 2004 at 12:16:53:
Read the articles and money-making ideas on this site. Might wanna get a course or two (I think Ron Legrand is pretty good).
I’m not really an investor, I’m a rehabber. An S-corp takes title to my rehabs, an LLC takes title to my longer-term houses (not many of those). I had lenders lined up from the beginning. I didn’t have a very high-paying job, and my credit wasn’t very good (620 FICO?). I have good reported income now, and my FICO is over 700 finally, but I still don’t use my own money for purchases, though I do use some of my own funds for repairs here and there. I don’t use conventional financing, but my deals are short-term. If you want to be an investor, you’ll need long-term money. The easiest to get is existing financing- loans that are already in place. If you can get conventional financing on investment properties, that’s a good second option.
Anyway, read the articles and get a bit more familiar before pulling the trigger. There is a ton of good info on this site.