Newbie Needs Advice On Obtaining First Property
Should I try to secure financing first, to see if I can buy a property? or should I find the property and work out the deal? I know these are stupid questions but I want to know what some of you guys did to get you started on your first property?
I would reccomend talking with a broker or lender and have them look your credit report and financial status over just to see when you do find a property if yuo will need to go stated income, or can go Full doc, etc. Now, not all brokers will tell you the truth so it may take you awhile to find a good investor friendly broker but they are out there. It took my partner and I about 8 tries to find two good brokers.
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I would try to contact people that run a real estate investor club in the area you are trying to get financing. They should be able to point you in the right direction.
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Good luck getting an owner to take second lien position behind a 80% first. Most ownere will require a down payment - they will take first lien position. That way if you default they get the prop back.
Why tone down his enthusiasm? I love to talk to people that love what they do and strive to do it well.
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I pay for deals. I ll pay 10K for a deal if I can earn well on it.