I want to inter the Real Estate Market but I need some advise on how to get a loan to get my first property.
Welcome to Bigger Pockets!
This is a great website with TONS of great information. You should definitely check out the podcasts and blogs. What specifically do you need advise about? There are tons of ways to get your first loan. Some people use a FHA loan, others a USDA if they want to take advantage of the first time homebuyers programs. We personally used a VA loan and lived in the house. Than when my husband job transferred us we rented out the house. Other people bought their house as a pure investment loan, putting 20%, etc. As you read through this site you will see that everyone has different methods.
You can find out more about our "process" on my blog when it is up reluctantlandlord.net. Best of Luck
I used Hard Money loans for my first few properties. It's pricey but it gets the job done!
Also, I strongly suggest that you check the Ultimate Beginners Guide:
You might also find the Podcast interested, especially as they have a few episodes devoted to beginners.
There are lots of ways, depending on what you are looking for. Here's a sampling:
1. Hard money loans (high interest and points)
2. Bank Loans (need a down payment)
3. FHA Loan (only for owner occupant, but only 3.5% down)
4. Partner (need to share the equity/profit)
5. Private Lender (need to find some ma' or pa' willing to loan you money, I do 9% no points)
6. Creative financing (subject to, contract for deed, seller finance, etc.)
7. Control without Ownership (lease option, master lease option)
Click on the "learn tab" at the top of this page, and you could be spending many hours on the Information that is available.
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