Im so interested in purchasing homes that needs improvements but Im an average person with average money. This is my dream...Is there anyone out there who can guide me in the right directions to get started or provide me with more information?? Please and Thank You! If you have decent credit, can make the payments, and intend to live in it while you fix it, 100% financing is easy to attain these days. Since most of the country is a buyer's market, you can get seller credited closing costs so that you're not out of pocket to begin with. There are better ways if you have money, but if you don't, you can get started just fine.
Most people are far more qualified to buy property than they think they are. Talk to a loan officer about a budget and a good buyer's agent about finding something within it. Keep in mind that you're going to have to make the payments, and that if you're intending to fix and sell, a prepayment penalty is going to eat a large chunk of your profits. Higher payments are probably worth avoiding a prepayment penalty.
I've got a lot of stuff up on my website about both.
http://www.danmelson.com/
Most people around here got addicted to flipping without the work of fixing it up. When the market turns, they lose their shirts. But people willing to spend the effort to fix it up can do well in any market. As long as you have good credit, it can be done with very little money out of pocket. First you need to locate a good property to buy, then get an appraisal on it to determine value and a pest inspection (trust me, get one even if the bank doesn't require it). After that, it's all about financing. I've been in the real estate and loan business for about 5 years now, and as long as your credit is good, 100% financing is easily obtainable. E-mail me if you need some assistance. jonathanskerrett@yahoo.com With much respect to everyone that left you a message, I tell you that whoever is telling you that flipping is still a good idea does not know what the market is doing and what the expectations are for the future.
It is true that nobody holds the crystal ball but an educated estimation is that the market will continue to maintain its flat state or it may even dip, actually it has dipped a bit in a few areas. Of course it is different everywhere, you have to look at your local market but overall its future will also be closely tied to the national market.
A "real" true investor is one that follows this mentality: "To achieve Financial stability, you have to understand that Real Estate is a long term commitment and not a short term speculation"
With that said, I believe you might be heading the wrong direction trying to flip properties in todays market. Today's market is a more normal market, we dont have overpriced homes and the buyers have taken command. Sellers no longer call the shots so becareful in thinking that you can flip properties for a quick buck.
Dont take this as a discouragement from investing in Real Estate. I am just trying to give you a clear picture of what trully "investing in RE" means. If you have money or no money you can still do what flippers have done the past few years BUT keep in mind that you might have to hold on to the property longer than just 1 year in order to gain some equity.
The RE market is not like the stock market. The stock market is a very volatile market and that is one of the reason why you can make lots of money quickly and loose money as well. RE is a much less volatile. Besides RE is one of the BEST investments you will every make in your life so it should be treated as such!
There are many different loans available to everyone BUT not all of them are suited for everyone. Many times loan officer will paint the color of the sky pink just to sell you a loan that looks like a good idea but they fail to advice you in the pros and cons of each option available to you.
I invite you come into my blog and read the many interesting articles I have colleted over time. They are very informative and could help you in your decision. Enjoy the reading and I hope this information helps!
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