Young Investor With Start Up Capital Interested In Short Term REI Options
Can someone please give me some advice. I have 174k to start in the real estate market I also have 32k in equity to tap in my own home.
Only problem with that I just purchased 6 months ago, but hey it can be tapped eventually.
Anyway, my question is:
I am 20yrs old and still establishing and struggling to solidify credit . My aim is to get in on short term REI, purchasing properties I could then soon quickly turn around and sell
(recouping my intial capital, tied up in it). I would have wished to have done this with very little of my initial capital. As you can imagine however, without credit lines, securing investment loans, my loan officer informs me, will be hard. This does not particularly trouble me, because I believe with a shrewd enough purchase/investment I can ofcourse
recover my downpayment and realize a net gain.
On that note, I could also do with some information on finding out what forms of
short term REI options I can pursue to allow me to make returns within a space of a few months of buying and selling a property.
My research currently consists of
three real estate agents specialist scowering the Dallas/ Fort-Worth Area for properties that can provide a 20k return and above.
I have also networked with loan officers and bank managers who have knowledge on REOs and
have managed to squeeze their contacts to proven rehabber investors they know. I have learnt
about municipal grants (which I used to purchase my own first home) and government low interest loans
for rehabilitation/ gentrification of distressed homes for the accomodation of government aided people (elderly, disabled) groups.
These forms of REI and others I would like to pursue further once I can at least make a positive return from my first REI purchase. I need only to make 20k or more to leave my job as a pharmacy technician. I have no debt and could live for a year on such a marginal return so as to allow me to delve into the many REI prospects throught Dallas and Texas. My main goal would be to
scower regional property markets and municipal grant programs for nationwide available REIprospects.
Just need to take the most succint avenues to seeing a return on my intial start up cash, I was particularly interested in what was said about negoitiating with lenders on a discount on deliquent lienholders debt, for the quick turnaround sell. I would like to also circumvent loan seasoning hinderance (that prohibits one from selling the secured property within months of purchasing the property) and would need to know about hard money lenders also.
If anyone could please shed some light on any of these things I've mentioned, I would be glad to hear from you.
My email address is **Please See My Profile**
I live in Dallas, Texas but would be interested in any REI options any where within the U.S. (as long as its financially viable, its never too far).
Thanks-- sorry for the long message
P.S. Anyone in any investment groups in Dallas/Fort-Worth vicinity?
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