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Nelly R.
  • Rental Property Investor
  • South Jersey
85
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100
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Buying again after previous short sales

Nelly R.
  • Rental Property Investor
  • South Jersey
Posted Mar 16 2014, 14:06

Hi all! I'm a newbie! I posted in the Newbie forum but figured I'd post here too! I have a few bucks in the bank and after reading several books and getting the "itch" again, I want to invest in real estate. A little background:

My husband and I currently rent our primary home (after previously short selling our other homes) and want to invest in properties before buying another primary home. It's been 2 years since we sold our previous homes so I'm thinking we would either need to go Conventional or find a seller who is willing to do a seller financing transaction. I'm not looking to purchase an expensive property to start off. Maybe anywhere between $25-75k and it would be a rental. From what I've read and researched, this seems to be the better route and it will set us up to bring in more money. If successful, it would provide a better future for our daughter when it's time to go to college and provide us with a bigger return as opposed to our $$$ sitting in a bank account.

My questions:

Should I start off by trying to get financing through a bank?

Does anyone know how to go about asking for seller financing?

Which would you prefer?

Can we get Conventional financing 2 years post short sale if we have 20-25 percent to put down?

I have a decent credit score , a great income and very little debt. I'd be looking to purchase the first the property on my own. Thanks in advance!

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