Tax Question-Need help big time! - Posted by Le Anne

Posted by Randy on July 30, 2003 at 17:30:40:

Le Anne? with gentle kid gloves I can tell you there are many way?s to profit in real estate both in outright ownership / landlord and in CONTROLLING real estate with out ownership as in Lease Option.

There are secondary lenders that make real estate loans on STATED INCOME in other words ?what you put on the application is accepted?. These stated income loans are based on two things your credit score (FICO score) and the appraised value of the property your purchasing. You may be able to find a seller willing to offer ?Seller Financing? sometimes called a Contract For Deed or Land Contract. Many investors have ?Started? with less. The important thing is to Start. No mater where you are or what you have.

Tax Question-Need help big time! - Posted by Le Anne

Posted by Le Anne on July 30, 2003 at 17:10:18:

Hi everyone,

I am a newbie to this board, as this site was recommended to me…so,(big deep breath)here I am. Be gentle, as I am new, and in need of advice, help, anything!

OK, here goes:

I want to become a real estate investor, BUT, I have a huge problem: I have been working under the table for the last 3 years, as my to-be biz partner has been working under the table for the last 10years.

What should we or I do, or am I totally screwed here?? I need some advice badly, but don’t know where to turn, and I am terrified of not being able to follow my dream, of being a real estate investor…but, how can I even start when I have no verifiable income, on paper, to speak of…HELP!!

What you can do with no income… - Posted by js-Indianapolis

Posted by js-Indianapolis on July 30, 2003 at 18:49:05:

Lease/Sub Lease
Lease Options
Sub To
Contract for Deed
Assign any contract
Flip via double close
"birddog" deals

Lots of others; these are just the ones that come to mind first. I can’t explain each of those in depth. That would require a course. However, I can tell you that one of the hardest things I had to do in the beginning was get the preconceived notions about how to buy a house outta my noggin. This is not traditional “get a preapproval, find a realtor” stuff. Forget that, as it won’t happen for you, unless you have great credit and can get a No Doc loan (liars loan).

Oh yeah, just start already. Your situation is not “big time” anything. I would grade it a big “W”, for whatever. It’s soooo nothing. Most people do what you do, and try hard to figure out how this won’t work. Get over it already, and just do it.