Does anyone have suggestions on how I should purchase my first investment property?

Answers:3   |   LastUpdateAt:2012-09-15 16:14:05  

Asked at 2012-08-22 08:19:02
I live in Texas and I'm thinking of buying a property to rehab . Unfortunately I have the money to pay cash so I was wondering if anyone could give me some information about other financing options . Should I go to a bank or mortgage company ? Are there special loans to apply? I'm thinking of starting a small L.L.C. company for my investment properties . Is there any government help for small businesses like this ? I really do not know anyone in the industry , so I'm having trouble finding a lot of the information I need .
Answer1traivonnAnswered at 2012-09-13 07:40:03
is up to u & market value of the shares
Answer2SaraAnswered at 2012-09-14 21:05:04
Get a real estate investor mentor . Everyone here has told you to go get a loan and take responsibility . That would be one of his biggest mistakes . The last thing we want is to think that a scar big ol foreclosure on your credit report from one of the investment property for doing things the lazy way . MedlinePlus MedlinePlus Rule number one . Never assume responsibility. MedlinePlus MedlinePlus I recommend contacting Chris Harris of < / a> MedlinePlus MedlinePlus It is one of the best mentors out there and I can show you how to get properties with no banks , no credit, no money and no liability . MedlinePlus MedlinePlus Only lazy people use their own money / credit . MedlinePlus MedlinePlus The more you know ... the fattest paychecks . MedlinePlus
Answer3rossyAnswered at 2012-09-15 16:14:05
First, I am by no means an expert on financing options . I have only my personal experience . I started in real estate with $ 2,000 , so I had my share of trouble getting started . MedlinePlus MedlinePlus Since you are rehabilitating recommend either loans : MedlinePlus MedlinePlus Construction Loan : If you have to make major repairs to the property , you can get a construction loan . They keep track of what you spend , and make sure you are on schedual , and then use the finished house as collateral. MedlinePlus MedlinePlus HELOC : A line of credit using the equity in the house to finance your project , but you do not have to use it all at once , and you only pay interest on what you've used . You still have to buy the house though. MedlinePlus MedlinePlus Not find any company to lend money LLC until he was 2 years . I'm not saying that there are out there , I could not find them. That means you will have to personally guarantee everything for the first two years . MedlinePlus MedlinePlus I bought my first three properties in land contracts , and then refinance later . This method means that the owner keeps their current mortgage , and pay for it, and a little more for their work for a year or more until you can refinance. It allows you to keep a record of payments to the bank , making it easier to get the loan . MedlinePlus MedlinePlus Be sure to estimate everything you'll need ! I can not emphasize enough how over- budget that is going to go , so plan for it. Find dealers of inexpensive materials : often the removal wholesalers and distributors listed in the Internet .
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