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Ethan Tomlinson
  • New to Real Estate
  • Idaho Falls, ID
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How to invest sooner?

Ethan Tomlinson
  • New to Real Estate
  • Idaho Falls, ID
Posted Feb 27 2024, 18:10

Hello! My name is Ethan, I am a brand new college student and I have been kind of stunned by what I have heard on BP, as I have listened and read books through High School. One thing that is common amongst all the podcasts and books is that its always said the beginning is the hardest, the first deal is the hardest. I want to do an FHA loan, except for the fact that I don't have the few year span of tax documents needed to get a bank loan. I know it's possible to have a parent cosign, but is it also possible to just find off market deals? I forget the name for it but it's when the owner sells the property to you directly and they basically become the "bank". Hopefully this question makes sense. I am just itching to do something about my life with real estate so I can start changing the lives of those around me.

Thank you for any replies!

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Carlos A.
  • Investor
  • South Florida
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Carlos A.
  • Investor
  • South Florida
Replied Feb 27 2024, 19:18
Quote from @Ethan Tomlinson:

Hello! My name is Ethan, I am a brand new college student and I have been kind of stunned by what I have heard on BP, as I have listened and read books through High School. One thing that is common amongst all the podcasts and books is that its always said the beginning is the hardest, the first deal is the hardest. I want to do an FHA loan, except for the fact that I don't have the few year span of tax documents needed to get a bank loan. I know it's possible to have a parent cosign, but is it also possible to just find off market deals? I forget the name for it but it's when the owner sells the property to you directly and they basically become the "bank". Hopefully this question makes sense. I am just itching to do something about my life with real estate so I can start changing the lives of those around me.

Thank you for any replies!

Hello Ethan!

what you are talking about is called “seller financing”. It is a great way to find deals, but I will say, it takes some work to find those deals and a trusted lawyer to draw up the contracts. Continue to do your research and learn. Real estate is a long term game. It’s better to pass on a deal then to buy a bad one. 

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Nathan Gesner
  • Real Estate Broker
  • Cody, WY
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Nathan Gesner
  • Real Estate Broker
  • Cody, WY
ModeratorReplied Feb 28 2024, 05:15
Quote from @Ethan Tomlinson:

You don't want to get stuck analysing until you have a 100% solution, but you definitely need a foundation of understanding how real estate investing works. I would start with some education, building your work history, establishing credit, and saving money.

//beginner

  • Property Manager Wyoming (#12599)

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