beginning
Hi All,
Is there a step by step program used for foreclosures with little or $0 down? I would like to be an investor, but have the challenge of poor or bad credit. I'd like to know what's the best program to use to get started and buy and sell.
I'm interested in a program that has a mentor and can assist in the purchase of my first property(own and sell)
Badly seeking a home in New york City(Queens)!
Please help
Rodioj,
Glad to meet you.
Foreclosures are not for the weak or timid and I would never recommend them for the new person just starting out.
There are many methods of creative real estate investing, I would say just stay tuned to this board ask your questions, read what some of the more knowledgeable investors that post here have to say. Then pick your course of action to become successful in this great industry.
Welcome on board this board. Keep posting we all learn this way.
John $Cash$ Locke
Fortunately, I live in New York...there's nothing weak or timid here!
I've done "some" research on foreclosures and investing and have found that there's very little information for the 1st time investor with little to no money down. However, I have found programs that promise one can become an investor with little to no experience in the foreclosure world, with their systems. I really wanted to know what this site could offer, as well as, what I can give back.
So, if there is any new information that can offer the first-time investor quality information which can be used to "literally" get started in the foreclosure world, it would be very helpful in attaining the first step, in this great industry. 8D[ Edited by rodioj on Date 09/03/2002 ]
Rodioj,
Ok lets talk about foreclosure investing.
The money is made in foreclosure investing by using 'short sales' whereby you offer the lender let's say 50% of the balance owing on the loan. If your offer is accepted then you pony up the cash or borrow from your line of credit at the bank or lending institution.
In reading your post you said you were short on money and had poor or bad credit. I was gently saying there may be another method of creative investing that you could find that would fit your current situation.
If there is a course out there that suggests that you can get into foreclosure investing with no money down then it must be refering to a method that is unknown to me. But I am not closing my eyes or ears if there is a course out there, just explain it to me, then you and I will both learn something.
So whether you are from New York or parts unknown it still takes MONEY to get into foreclosure investing in my opinion.
John $Cash$ Locke
John is too right with this one. I know John does not need anyone to verify what he stated about foreclosures. But investor can not profit without money. Now on the one hand if you want to purchase a foreclosure for yourself as a owner occupied then there are government deals that you can purchase for next to nothing down. Check out the VA, HUD, bank REO's, IRS and a few other government agencies.
What form of real estate would you recommend for a first-timer with those challenges?
rodioj,
I would probably start finding properties for other investors to get my feet wet. Start building up your bankroll until you are in a position to go it alone.
Find the properties, then you can ask questions here on this board what some of the posters think, may even be able to help you find an investor to make money with after you find a property.
Just a recommendation.
John $Cash$ Locke
Wholesaling would be a wise start. Find a local REIA meeting and find a mentor. There will be plenty investors there that would love to get a property through somebody like you.
OK guys
Thank you for the suggestions...sounds like a way to make some cash, which I could definitely use, but how would I find these properties and get theinvestors. Going to the REIA meeting as suggested before? I am more than eager to start the proceeding
Check on-line investment clubs in your area, go there and see what it is all about, get to know some the members and go from there.
Do I simply type "real estate investor club and my area code in a search engine? I thought this was an online club.
rodioj,
Here is a list of some of the RE clubs in your state. I'm sure there are more, but this should start you out.
Ultimate Investors Real Estate Club, Inc.
http://www.wbultimateinvestors.net
Contact: Wesley Barney
Telephone: (718) 424-7583
When: Last Tuesday of the Month, 7:00pm
Where: (see Web Site), New York City
Real Estate Investors of Central New York
http://www.reicny.org
Contact: Jack Zimmerman
Telephone: (315) 475-0701
When: 2nd Wednesday of the Month
6:00pm Dinner, 7:00 Meeting
Where: The Genesse Inn, Syracuse
Western New York Real Estate Investors
Contact: Nick Sidoti
Telephone: (716) 773-2980
When: 3rd Wednesday of the Month 7:00pm
Where: Hearthstone Manor, 333 Dick Rd., DePew
National Real Estate Symposium
Contact: Pamela Minyard
Telephone: (914) 964-1177
When: First Wednesday of the Month 7:30pm
Where: Marriott Hotel, Manhattan, Between 45th & 46th St., NYC
Long Island Investor's Group
Contact: Barbara A. Karnes
Telephone: (800) 230-4280, ext. 200
When: 1st Thursday of every Month, 6:30pm
Where: Old Nichols Road (Exit 58 L.I.E.), Islandia
John
If someone could enter in a few of these in the Web Links area, I would be eternally grateful. I just don't have the time.
hey thanks jfmlv1950 and john and everyone...this is a great site to get good sound advice...I'll be here for a very long time to share my successes with you all...I'm glad I found the site...so now I have some direction with the first step in clearing my credit and beginning to invest. I'll check out the clubs and let you guys know what happens...thanks for the info...I shall return
Your welcome
John