Posted by Calvin on August 16, 2003 at 24:32:35:
Actually, No, Im a newbie. Im just trying to understand the concept of receiving cash at closing. I actually have some funds to play with and a pretty good credit. However, I prefer to keep the cash at hand in case a good deal requiring cash down comes around.
Have you been doing this long?
Im located in NJ so it seems kinda hard to find a deal like this around. Most houses are between 300k-400k for a decent 3 bedroom 2 bath home.
I actually bought my own house in Edison NJ Jan of 2002 and redid the kitchen with new cabinets and hardwood floor as well as redoing 3 bathrooms. Cost me only 15g. But resold it March 2003 for $356,000.
It was my primary residence and I think I could of gotten more, but we were in a rush to sell cuz we are having a new house constructed and needed the cash for the down payment.
Anyway, I got bitten by the bug. I know for sure there is money in real estate and and currently doing my research and trying to understand the concepts and terms.
Should I take the Real Estate exams and work at a Realtor first before I start my real estate investment?
I am still quite afraid to take the plunge. Its mostly the area Im in. I cant seem to find a bargain.
Id like to buy properties needing fixing up in a good area. Im hoping to bank on the area by fixing up kitchens and bathrooms.
Thanx for your input,