How difficult is it to find a lender who can do non-seasoned loans and a Title comany that will do sim. closing? Should I locate them before I list the house and make it part of the contract that the buyer must use them?
buy a starter course or do alot of reading to find out where you can best put your money to work.
the best thing would be to join your local real estate investors group. there you can network with other investors and find out what you truly want to do.[ Edited by ZinOrganization on Date 03/09/2005 ]
Trump, like Alex said, check out the articles, when you go to the library, see what they have and read it, you learn something even from a bad book on real estate.
[addsig]
Keep in mind that just because you got pre-approved for an “owner-occupied” loan, doesn’t mean you can necessarily get the same type of loan on an investment property.
While there are some good “investor” loans out there, they’re typically not as plentiful or as aggressive as a lot of the owner-occupied programs.
It might serve you well to go back and see what you can qualify for on non-owner occupied loan programs as well. It could have an impact on your investment strategy.
You could get a owner occupy loan, live in it for a year (or whatever the loan requires), then rent it. Just have to make sure there is cash flow after all the expenses.
A good beginner book on renting single family homes is Rental Houses for the Successful Small Investor by Suzanne P. Thomas.
My wife is a realtor and it depends on the deal. She is listing properties in the 500,000 and up range for 5%-6% and paying out 3% to the selling agent. Dont let your agent cut the amount they pay out. Around here they pay 3% so if you get an agent to list for 5% and they only pay out 2% your property will not get sold!!! Payout what the market rate is..
I rehab and sell properties and because I Have 4-6 transactions a year and my properties usually sell in a matter of several daysI can get 4.5% 7% really seems high.
Here in San Diego, I have seen realtors that will list for 4%-4.5%. If they sell it themselves it is 4%. If another realtor brings in the buyer they pay 3% and keep the other 1.5% themselves. Good luck.
Don
How difficult is it to find a lender who can do non-seasoned loans and a Title comany that will do sim. closing? Should I locate them before I list the house and make it part of the contract that the buyer must use them?
Thanks
Laurie
yes, buy it low and sell it high
who doesnt?
buy a starter course or do alot of reading to find out where you can best put your money to work.
the best thing would be to join your local real estate investors group. there you can network with other investors and find out what you truly want to do.[ Edited by ZinOrganization on Date 03/09/2005 ]
Read, get books from the library to start
Call, call ads in the paper
Network, join your local investor club
[addsig]
Quote:
On 2005-03-09 15:30, ray_higdon wrote:
Read, get books from the library to start
Call, call ads in the paper
Network, join your local investor club
what are some good books for the newbie i will be going to the library.
Trump, like Alex said, check out the articles, when you go to the library, see what they have and read it, you learn something even from a bad book on real estate.
[addsig]
Greetings David_also,
Keep in mind that just because you got pre-approved for an “owner-occupied” loan, doesn’t mean you can necessarily get the same type of loan on an investment property.
While there are some good “investor” loans out there, they’re typically not as plentiful or as aggressive as a lot of the owner-occupied programs.
It might serve you well to go back and see what you can qualify for on non-owner occupied loan programs as well. It could have an impact on your investment strategy.
You could get a owner occupy loan, live in it for a year (or whatever the loan requires), then rent it. Just have to make sure there is cash flow after all the expenses.
A good beginner book on renting single family homes is Rental Houses for the Successful Small Investor by Suzanne P. Thomas.
Congratulaions I hope my first deal is as profitable.
The fee is always negotiable. You can not fix real estate comissions. 7% is high in most markets.
TOTALY
My wife is a realtor and it depends on the deal. She is listing properties in the 500,000 and up range for 5%-6% and paying out 3% to the selling agent. Dont let your agent cut the amount they pay out. Around here they pay 3% so if you get an agent to list for 5% and they only pay out 2% your property will not get sold!!! Payout what the market rate is..
I rehab and sell properties and because I Have 4-6 transactions a year and my properties usually sell in a matter of several daysI can get 4.5% 7% really seems high.
if you build up a track record w/ a broker/salesperson they will discount.
Here in San Diego, I have seen realtors that will list for 4%-4.5%. If they sell it themselves it is 4%. If another realtor brings in the buyer they pay 3% and keep the other 1.5% themselves. Good luck.
Don