Getting Started
Hello everybody,
I have just recently joined this sight and have learned a lot already. My question is how I go about getting started in real estate investing. I'm just getting back on my feet after going through some rough times and a new baby, but it has been a dream of mine for a long time and I want to finally make this happen. What advise can you give me on the best way to get started with little money to start with? Any and all advise is GREATLY appreciated. I have read a lot of books, have the motivation, and really want this to work, but I'd like to hear advise from those who have already made it work. Thanks in advance. 
hey you sound just like I did. I just closed my first deal after 5 years of dreaming. things got in my way to..credit, marriage, kids, money, buying a house. Credit is going to be your biggest issue. a fico middle score of around 700 and you will be doing pretty good.(prob can get a 90-95 percent ltv and have the seller pay closing costs). And with a fico middle score of 725 or higher you will be doing awesome(100-104 percent ltv). Plus you debt to income ratio needs to be ok,lenders vary on what it can be. as far as what avenue to go down well thats really up to you and your desires. I chose buying single family residences for a little below fmv and renting them out. nothing that needs major repairs because I am not good at stuff like that. I may be good at it in the future and would like to purchase fixer uppers but now I can barely change a light bulb. then I would like to buy multi units(more risk but better return on cash flow). I would think about it and talk with some experts on this site, I am not an expert by any means but I would be happy to give you the name of a good lender and answer any questions you have. I am always looking for free advice and know how useful it can be. good luck. Dan
With just getting back on your feet and a little money, I would suggest birddogging, preforeclosure, S2's, and the like. Ways to generate some cash now. Having some money in the bank sure makes things a lot easier.
Thanks for all of your help guys...I really appreciate it. Your words of encouragement and advise really help.
Thanks again.