I am very new to this site, as well as the industry. I have been reading a lot of the different discussions and now have a few more questions. It seems the general consensus is to start small for a first purchase; however, I have also read/found that getting a loan is very difficult for loans under $50k-$60k.
Now, I have heard many people suggest finding money from private lenders, but I really don't want to go this route for my first purchase if at all possible.
So, I have found several foreclosures in the $30k range...some need a lot of work, but I have actually found a couple that "sound" like they are in good shape. No, I am not naive, I know there are always hidden costs to consider, but I am not even to that step yet. Honestly, I am not looking to just jump at the first option either; I am merely trying to go through all the proper steps, so when I am ready to buy, I feel better prepared. I don't want to jump, but I don't want to keep dragging my feet waiting for that picture perfect deal either.
For arguments sake, lets assume the houses are good deals. Let's also assume that I have the money to buy one of the house outright (which I do, but would rather not go that route). With these assumptions (yes, I know what assumptions lead too lol), what is my best plan of action to get a loan?
find a lender who will do smaller loans but be prepared to pay higher then average closing cost for it.
you can also do a cash put refi if you have the right lender who doesnt have to require any seasoning.
Free eBook from BiggerPockets!
Join BiggerPockets and get The Ultimate Beginner's Guide to Real Estate Investing for FREE - read by more than 100,000 people - AND get exclusive real estate investing tips, tricks and techniques delivered straight to your inbox twice weekly!
- Actionable advice for getting started,
- Discover the 10 Most Lucrative Real Estate Niches,
- Learn how to get started with or without money,
- Explore Real-Life Strategies for Building Wealth,
- And a LOT more.
Sign up below to download the eBook for FREE today!
We hate spam just as much as you
You must be a BiggerPockets member to post on the forums
Join the world's largest, most open Real Estate Investing Community online, 100% free forever!