busymom question : Anyone know how to receive a government subsidy for properties to buy?
I would bet on investments in real estate with little or no money, but what can I do? I do not think the infomercial about they always seem to have a score. I want someone with experience is purshasing property with funds to repair much for real estate was mentioned. . Please give me some good resources Best Answer:
Reply from
lizzgeorge
Investing in real estate requires a lot of knowledge, education and experience. This does not mean that you necessarily have a university degree in real estate financing, but you must have done much research. They must also be willing to take a number of risks. To can benefit from a mortgage, you must either put money down or generate significant income, the bank maintains pas.Je not help but be very offended by your idea of a government grant. You do not want to save money or even borrow, if you go the taxpayers’ money to other people to you so that you can play / want to play in the housing market. Government grants, those who really need it to go.
What do you think? Answer below!
I’m a stay at home dad to 3 small kids. A couple years ago I got into real estate investing and have 3 properties now. I’m not a guru, and I certainly won’t be appearing on late-night t.v. with just 3 houses, but I’ve done it. Here’s what you need to do:
1. Join your local real estate investor’s group. Don’t know where one is? check this site: http://nationalreia.com/ This is where you’ll meet people that have bargain properties. Seek out the “wholesalers”. Just ask around. If there is not a club in your area, call the “I Buy Houses” signs. They should have properties for sale.
2. Find a “Hard Money” lender. The rates are high, but they can get you 100% of the cash if the deal is right. You will then need to find a bank that will refinance with “no seasoning”. The hard money lender should know of some and need to get you pre-approved for the refi before making the loan. THIS IS IMPORTANT.
3. Close on a property in a good neighborhood and stick with 2 or 3 bedroom houses. 1 bedrooms are hard to rent as most people that would need these go with apartments and 4 bedrooms are too. These people most likely have bought a house.
Unless you are going to offer low income housing, or rentals in historic neighborhoods that need revitalizing, I don’t know that you can get government money.
My first deal was a house I found through my club that was valued at $ 51,500 and was for sale from a wholesaler for $ 26,200. It cost me $ 32,000 with hard money fees, but I re-fied a week later and cashed out at 80% of value which was $ 42,000. When all was said and done, I bought a house with no money out of pocket and cashed out about $ 9,000.
Hope that helps.
I have wasted much money in grant programs and real estate courses. This is what I learned: the government will not give you grants to invest in real estate for personal use. I studied various “gurus” for 3 years and learned a great deal, but most importantly, I learned that their courses were too expensive for the average person. As such, I recently created a step-by-step guide for average people like ourselves to begin investing in real estate without credit and “no-money” down. Visit http://www.get-that-deed.com. It is only $ 7 because some people cannot afford the expensive boot camps and courses. These methods work because I used them…