New To The Forum..
Just trying to introduce myself to the forum.. I live in NY (Queens) and have construction background and a good amount of capital to start investing with..I guess my questions are many, so please bare with me..
After doing a lot of research into different areas of RE to invest in I'm still extremely confused..I don't know if I should do first position mortgages,buy a 8-10 family, or commercial/retail RE,do foreclosure fix ups..
My normal business gives me a lot of free time to GC a rehab if needed but I don't know where to start..Certain areas of Queens there are a good amount of foreclosures..I guess another question would be if the asking price is 210k for a foreclosure can I bid much lower or is the bank not very flexible?..Also will the bank give me a mortgage on a foreclosure or do I have to buy it outright then clean it up and refinance?..
Any ideas/advice will be greatly appreciated..Thank you
To the first part, you bid whatever you want to bid. The bank will make a counter offer or laugh at you. To the 2nd part, Do you have to pay cash or can you "assume" the mortgage. That depends on the bank. I have seen many people in your area assume Mortgages. Either way, unless you are paying cash, you will have to be approved for the mortgage, they just don't put your name on it. I have seen a lot of things go wrong with assumed mortgages but alot of good things also.
So beware and have all the facts before you make a decision
Good Luck
Lori
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