In College/live At Home, Have Read, Want To Act.
I am 24 years old, and my stepdad bought the Carleton Sheets package a few years back and used some of his techniques to turn an old church into apartments. It was profitable but the amount of refurbishing that he did was completely beyond my skill level.
I currently attend college and live at home during the summer and winter break. I have basically gone through the course 3-4 times yet am still very sketchy on how a lot of this works.
My goal is I would like to obtain one rental property every year. What is the best technique for someone in my situation to obtain a property with no credit and little (2.5k) cash to play with?
Also I have read a lot about lease optioning but if you are the middle man I don't understand where you are making the money.
Also what is the general consensus for the wrap around mortgage method? WIth the right seller I feel I could make some income using that method. Have people on this board had any luck with it?
I understand that I have a lot of reading to do still and rest assured I am, but just some tips or direction from experienced members would be fantastic. Thank you.
P.S. ONe advantage I have to getting into this now is that I have a place to live and don't have to worry about paying rent or a current mortgage and that is partially why I feel it is necessary to get involved now.
<font size=-1>[ Edited by bounty on Date 01/11/2005 ]</font>
I would reccomend bird-dogging (finding other investors properties for a fee) or wholesaling (getting a property under contract, then selling the contract to an investor for a fee) to build up some cash and gain some experience and reputation with investors. Probably a good idea to find the local real estate investor club and join.
[addsig]