Beginner Financials

5 Replies

Good Afternoon BP community and excuse me for such basic questions but i figured i had to start somewhere.  Me and my partner have spent the last few months looking at property and daydreaming of all of the possibilities and getting into property ownership.  Only catch is that we just recently decided to stop the daydreaming and make this a real go and start preparing financially to purchase our first property.  I have a 680+ credit score while he has a 700+ credit score so any advise on who to go to for loans, or getting the process started to purchase.  Again, i apologize for such a basic question for people much more advanced but any help in the right direction is much appreciated.

Stefon, Congrats! sounds like you are heading in the right direction.

Questions and Answers:

1.Do either of you own a primary home with equity? If Yes see into  getting a (heloc) (Home equity line of Credit) Purchase property cash then refi in 6-12 mo. pay the heloc off then rinse and repeat.

2. Find out who owns the property chances are they may own it free and clear so you can ask to have the owner to finance (owner finance) If the property owner is in distress and there is a balance on the property ask if you can (assume) the current loan Subject 2

3. Theres always Hard and private money as long as you both have  good W2 earnings and credit.

The list goes on and on i encourage you to listen to the BP podcast you will find a lot of priceless information.

Hope this helps and dont give up!!                                           AC

Thanks for the input guys!

@Nick 

Do you and your partner have w2 jobs?  Yes we both work for the same company and both have the real estate itch which is how we got linked up.

Are you a first time home buyer?  Yes i am a first time buyer looking to change that immediately.

We're either of you in the military?  No we were not.

I will definitely look into more purchase options as recommended.  I have already begun to research and just wanted a couple of streamlined suggestions from some of the pros on here and i appreciate it man.

@Anthony

We are both still renting apartments so we do not have a primary home as of yet.  We are both in the same boat in that aspect.  As for the rest of the advice, i can't show enough appreciation for that man, thanks alot and will do.  I will definitely start doing my due diligence on the properties we are scoping out at the moment and your tips are very helpful.  Thanks Man!