Newbie...need Some Advise
Hello one and all..
This has always been my dream.. I am 23 now newly married.. and my wife and I agree we dont' want to work for "the man" for the rest of our lives..we have no choice but to start off very small time.. we have roughly 4-6K we can put down on a decent house, do the work ourselves.. I am very knowledgeable in that field. I have serval questions.. Mainly dealing with Financing and where the best places to look for houses are going to be.. I have heard alot about tax liens and Tax deeds.. been reading over this site the entire day.. my head is spinning..!!..anyway I am just looking for the right fit for us.. my wife and I are living with my father now.. for the reason that we are able to put more money back without a house\apartment payment.. We are Texas resisdents and just looking for a way to break into this field.. The first step for us is key, we can't afford a mistake.. at least not one that will eat everythign we have up..although we both do understand that very well maybe a risk we have to take.. Anyway Just looking for the best way to try and fincaing.. we both have decent credit.. low debt to income ratio and decne t credit scores.. own 2 vehilces .. never owned a house.. which I think will be our biggest obsicle.. I don't have alot of opintions of peopel to talk with about this.. so I am hoping I can find someone knowledgeable here who might give me some guideence..
Hi, and congrats...
Your on the right track in my belief. In your desire to own your home, and in your spending time in reviewing this site. Wish we'd have had this or something similar way back when I was your age.
My suggestion to you in learn all you can. Keep searching, find a house you can live with and comfortably that might need repairs that your capable of doing, or can reasonably have done.
Buy it on contract with little to nothing down. Save your money or all you can of it. Find a house someone has to sell, and is willing to work with you. Or someone going into foreclosure with a couple late payments you might make up to get into it. Buy it on an option to buy if need be. If you put money into fixing it, just be sure you can get it financed to buy it at the end of your option
Another idea, (and there are several in your area) find a REI group, go to the meetings, you'll learn a lot, and you will likely be able to find a house you can buy from one of the members.
The best to both of you.[ Edited by ozzie on Date 05/01/2004 ]
awesome..!!!!!!!
one question..how do I find these goups? Where do I go about looking for them.. got names of any? Also with being as young as I am I have never owened a house before.. is 3-5K down going to get me a house?
You can go to the Groups tab to find groups in your area or do a Google search for RE Investment Groups or Clubs.
Your potential down payment depends on the type of house you locate and what type of financing you try to obtain (conventional will probably require more down payment than a motivated seller that might owner finance for you, or as the previous writer indicated, paying a couple of back payments on a pre-foreclosure).
Good luck and read more of the forums on this site. You will find very useful information for what you are trying to accomplish. 8-)
Explore the Subject To forum, 4-5k should be plenty to get you into a home using that method. you might want to spend a little on educational materials after you decide which method of acquisition you would like to use. The money you save on the deal will more than pay for good course material.
Good luck,
Jeff
ok guys forgive my ignorance pretty please..but other than knocking on people's door's how the heck would I find out if someone's fixing to be forclosed on.. what are other options with what I have to put down? do you find the credit card idea a good one? I do plan on education myself much further, but if I can be honest..I ussually enjoy asking direct questions such as these..b\c I find 9 out of 10 books and video's and marketing junk are just cramped full of junk I won't use..filler space or crap everyone else has comone knowledge of....but yes.. I once read the book the richest man in babylon found it a very wise little book and it says to seek the wise councel of successful people who deal with money..I mean everyone here has a little nitche on how to find a house..I am just looking for some options for me.. some ideas I can run with exsplore..
Sorry do not know your area of Texas been there... didn't stay.
Re; foreclosures you can find them listed at courhouses, at the country recorders office, and in some/many area there are publication with them includong news papers, you just have to stay on the alert for them
In reviewing these prior posts, you have received some good information. to build on. Study, study and study.
Good luck
When the foreclosure process begins, the first thing that happens(as public record) is that the Lender will contact a local attorney and establish them as a trustee. The trustee will then go to the County Recorder's office and file a Notice of Default, or Lis Pendens, or Notice of Trustee Sale etc. These documents are a matter of publc record, and contain the property address. Owner's names etc. They may even be available to you online through your county's website. Look for these records, or ask for help finding these records, and once you have that information, you can begin to research the properties further, and identify the ones that you are most interested in, and work your way down the list. You can contact them via post card, knocking of the front door etc. You can even market yourself with newspaper ads "I buy houses", and those tacky little signs along the side of the road etc., and get them to call you first,. . . . . . Sometimes[ Edited by jeff12002 on Date 05/02/2004 ]