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| cheerio |
 Posted: Fri Oct 27, 2006 12:03 pm Post subject: No down payment? |
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Investing Associate
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| I have seen numerous infomercials about buying real estate with now down payment. Anyone know anything about this or ever got one of these products. I just bought my first house for me to live in about a month ago. I am looking to try to start getting into real estate. Anyone know any good books are ways to get the funds to start purchasing real estate. I was reading Retire Young, Retire Rich and I thought it was going to be about real estate and so far I am into Chapter 7 and it is pretty much a motivational book. I just need help or ways to be pointed into the right direction. Thanks! |
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| t-bag |
| Posted: Fri Oct 27, 2006 6:38 pm Post subject: |
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Investing Sr. Associate
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Easiest way to learn all you need to know is to join a real estate investing club. They often have names such as REI of south florida or REIC(insert city name here) just search around a little. Once you find one, many have membership fees, you often don't have to join to look at their websites or go to their meetings to get great information.
one website I visit often is http://www.reiclub.com/
I first got interested in it by the info-mercials and by my real estate teacher. A buddy and I decided to take the leap. One thing I had going for me is a guy I went to high school with and now do work for is a super successful developer who started investing in high school, so he served as a mentor for me.
The info-mercial investing programs are actually very un-informative, typically they just tell you 5 or 6 general points you can learn on the above website and spend 1/2 an hour describing each one. Such as you don't have to buy a house to actually sell it, even though its very difficult to do but it does involve no money down.
The way I did it (when the market was hot) was to tell the seller we'd give them the closing cost in the mortgage and defer the deposit till closing for a faster close. We had a hard money lender who I met through my developer friend who give us a 110% loan. We did small work such as painted the interior, re-painted the front, powerwashed the drive and walks and fertilzed the lawn and mulch. And after a month of hard work we netted 30k.
The problem with hard money loans is they are designed to be 'quick and dirty' they have massive interest rates and only last a short time but they are perfect for flippers who only plan on holding a property a short time.
If you want I can post info about a book(once I find it) I used for market analysis, discounted cash flows etc. |
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| cheerio |
| Posted: Fri Oct 27, 2006 8:03 pm Post subject: |
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Investing Associate
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| t-bag wrote: | Easiest way to learn all you need to know is to join a real estate investing club. They often have names such as REI of south florida or REIC(insert city name here) just search around a little. Once you find one, many have membership fees, you often don't have to join to look at their websites or go to their meetings to get great information.
one website I visit often is http://www.reiclub.com/
I first got interested in it by the info-mercials and by my real estate teacher. A buddy and I decided to take the leap. One thing I had going for me is a guy I went to high school with and now do work for is a super successful developer who started investing in high school, so he served as a mentor for me.
The info-mercial investing programs are actually very un-informative, typically they just tell you 5 or 6 general points you can learn on the above website and spend 1/2 an hour describing each one. Such as you don't have to buy a house to actually sell it, even though its very difficult to do but it does involve no money down.
The way I did it (when the market was hot) was to tell the seller we'd give them the closing cost in the mortgage and defer the deposit till closing for a faster close. We had a hard money lender who I met through my developer friend who give us a 110% loan. We did small work such as painted the interior, re-painted the front, powerwashed the drive and walks and fertilzed the lawn and mulch. And after a month of hard work we netted 30k.
The problem with hard money loans is they are designed to be 'quick and dirty' they have massive interest rates and only last a short time but they are perfect for flippers who only plan on holding a property a short time.
If you want I can post info about a book(once I find it) I used for market analysis, discounted cash flows etc. |
I am open to all the info I can get. Thanks! |
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| t-bag |
| Posted: Tue Nov 07, 2006 5:15 pm Post subject: |
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Investing Sr. Associate
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| I didn't forget about you I just can't find the book. I looked everywhere for it but to no avail, so when, and if, I do find it i'll post a link to it. |
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| walt17 |
| Posted: Fri Nov 17, 2006 3:58 pm Post subject: |
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| Easiest way to buy without a down payment is to find foreclosures (or about to be foreclosed) with assumable and guaranteed loans. |
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| Do5 |
| Posted: Fri May 04, 2007 10:34 am Post subject: |
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Investing Sr. Associate
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Are you talking about the Carlton Sheets program.
I doubt I would spend my $ on them though. |
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| t-bag |
| Posted: Thu May 10, 2007 10:30 am Post subject: |
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Investing Sr. Associate
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Definetly not Carleton Sheets.
It's a textbook I used in my Real Estate Finance class. I still can't find it, I guess it's lost or maybe I wasn't paying attention and sold it back.
There is another really good book from the Urban Land Institute (ULI) about Real Estate Development. Althought they talk about large scale/ funds development the principals are the same. |
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| aricchvala |
| Posted: Wed May 23, 2007 3:39 am Post subject: |
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| the forclosure method is what i was told to look into, and as a matter of fact i just bought my first property. i have given myself a budget of $6000 to do random fixes, and if value holds true, when i turn it around i will make between 15,000-20,000!! i will have to let you know. |
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| t-bag |
| Posted: Mon Jun 04, 2007 12:51 pm Post subject: |
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Investing Sr. Associate
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Please do keep us updated. Real estate info is sorely lacking on this site and much needed.
Forclosure definitely is the main route to go. If you boil it all down you are looking for a "motivated seller" and someone that is in the process of forclosure or a house that has been forclosed is definitely motivated to sell.
Not knowing anything about the property, my recommendations are focus on cosmetics and curb appeal. Since you have such a low budget I assume the house is in good shape. Again not knowing your property or market, I would build in a holding price to the budget and be prepared to hold the property for a few months rather than the weeks or days a few years ago.
On the upside all the housing analysts are saying this is a great time for people to buy a house since many major developers are trying to cut inventory at deeply reduced profit margins. Although you can't alway trust analysts and it's not an investors market yet. |
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| Do5 |
| Posted: Fri Jun 15, 2007 2:55 am Post subject: |
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Investing Sr. Associate
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Best of luck to you...
I will be interested in who you obtained financing with... as I have only been able to find 95% LTV lenders. |
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| vetelmo |
| Posted: Fri Jun 15, 2007 3:05 am Post subject: |
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| Do5 wrote: | Best of luck to you...
I will be interested in who you obtained financing with... as I have only been able to find 95% LTV lenders. |
I can get 100% financing if I wanted. That because Im veteran though, lol. Im waiting to use it later, dont know wether Im going to stay in this particular area and plus I couldnt afford a house payment around here with that type of loan. Not here at least, maybe in northern cali. |
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| Do5 |
| Posted: Fri Jun 15, 2007 3:11 am Post subject: |
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Investing Sr. Associate
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| vetelmo wrote: | | Do5 wrote: | Best of luck to you...
I will be interested in who you obtained financing with... as I have only been able to find 95% LTV lenders. |
I can get 100% financing if I wanted. That because Im veteran though, lol. Im waiting to use it later, dont know wether Im going to stay in this particular area and plus I couldnt afford a house payment around here with that type of loan. Not here at least, maybe in northern cali. |
A veteran can use their entitlement to purchase an investment property with no money down, containing up to four units, provided they intend to live in one of the units at the time of the purchase. |
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| Willcarsrule |
| Posted: Sun Jul 08, 2007 4:54 pm Post subject: |
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| no down, the monthly would be ungodly huge |
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| TSIG |
| Posted: Wed Dec 12, 2007 7:14 am Post subject: |
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| No down payment is not the way i would go. |
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| bobis |
| Posted: Sun Jan 20, 2008 3:17 pm Post subject: |
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Investing Sr. Associate
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| My dads a vetran too and he wants to invest in real estate because he use to be an agent but he is waiting for the drop probably in a few years! |
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