Looking To Get Started In Upstate NY.
I am looking to get started in investing in real estate. I live in Upstate NY, Plattsburgh to be exact. I would like to get started with multi-family properties. I currently have very little cash with which to start and my credit score is good and is improving every month. I have been preapproved for loans from local banks with about 6.5% interest but they all require down payments in order to get me into the property. I have recently come across a 6 unit property for $110,000. 4 of the six units are rented with monthly rents totaling over $2,000.
Any suggestions out there for an ambitious individual looking to get started?
Depending on your credit, as well as the flexability of the seller, you can obtain assistance from the seller in the way of a down payment assistance program to put your down payment down for you. This allows you to obtain your 90% financing conventionally and have a company provide your 10% down and you come out the pocket nothing (outside of closing costs which you can still actually have the seller pay within the contract.
This truly all depends on flexibility and motivation of the seller in properly structuring this deal.
Michael Steele
Thanks for the feedback. I have thus far stuck to working with realtors to find property and using them to submit offers. Should I continue to go about business this way or should I contact the sellers directly? What is the best way to locate properties and approach the seller?