Just Starting Out..Need Some Sound Advice
Hello All:
I'd appreciate any and all input from anyone who can speak to me in laymans terms about getting started in REI.
I would like to purchase a single family dwelling in foreclosure or to rehab, and sell for profit. I'm a single women (35) with one income, and I currenlty own my own home. I work fulltime and make an ok salary (Upper 40's). I'm in the process of refinancing to pull cash out (Approx. 20k). I reside in an area where average property values are going thru the roof (median price 250k and up) and I'd like to try and take advantage of the current market.
I guess, I'd like to know what type of options may be available to me in terms of financing a new property while having an existing mortgage? What type, if any gov't programs are out there that may help me accomplish this first goal.
Is this even a realistic goal?
I take it you have good credit... for the refi take out...so is it realistic...yes! You have many options open and available to you
Thanks for the feedback..Can you give some example of possible options? My credit is fair. I've refinaced several times this year and have not run into any problems.
What would you suggest is my first step? Should I talk to a lender? or begin looking for a property and then approach a lender? Do you think I would be required to use my home as collateral since my income is limited?
I would start to ask some questions of various lenders. I have had good luck with small local lenders as they have low closing costs and good rates (at the price of a little more down). Find out wht you could qualify for, what the terms and conditions. That way you know what you can afford. If you are real serious, get some preappoval (not prequalification). Then when you submit an offer on a house that you want, you can say that you have been preapproved for x dollars and your downpayment will make out the difference. Makes for a stronger offer and more likely to be accepted as serious.