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Best Method For Buying First House...

viking777 profile photo
  • Wednesday, March 03, 2004 @ 06:27 PM EST
  • 4 Comments

Hi,
I'm not sure which forum this question belongs in but I figured I'd start here.

I was just wondering what most people thought was the best REI method to purchase your own house (in my case first house).

I am a fairly new investor and will probably start investing myself with Subject to, but that probably is not the best for my own home as I would like to begin with Equity.

Any comments or is it just a keep your eyes open for a good deal method that works best.

Comments(4)

  • no photo
    who_me3rd March, 2004

    Hello,

    I'm new, so I hope I get this right.

    But Sub-To buying would give you equity, depending on the property of course.

    Another option would be pre-foreclosures, and possibly the auctions. Depends on if you want to do a little fixing up.

    Guru's do I have this right?

    Dave

  • gal41
    gal413rd March, 2004

    I think sub-2 is a great way to get your 1st house. In 1 year I am planning on moving to the DC area. I hope to use sub-2 to buy a house there.

  • no photo
    Tedjr3rd March, 2004

    Work with what you have. If credit is bad you may need owner finance or sub2. If you can paint and remodel you may want a small fix up deal. If you are a mortgage broker you will be able to find good deals on a low rate mortgage with 0 points. Finding a motovated seller is the main key. The how to will come when you find the seller and house you want. Knowing your credit, job history, and cash position would help answer your question better. You may want to visit a mortgage broker and get prequalified to let you know what you can afford. Also many REO sellers and Realtors will only work with prequalified buyers and that will speed you along. If you have no job and no credit and no experience and no money you may have a problem but if you have one or two of these you can get a good deal on a home for you and your family.

    Good LUCK and Thank You
    Hope this helps some
    Ted Jr

  • no photo
    viking7773rd March, 2004

    Thanks for the replies. Yes, cash and credit are not really an issue. I'm just considering which way I should market or look for a good deal.

    I think in the end, it just comes down to spending the time to find the deal, regardless of the method.

    Thanks

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