Rent to Own option (Newbie)
I Moved out to Tampa FL because I had an opportunity to work in the construction field with Carpenters doing things from framing to renovation work. Here's the situation. I know a homeowner who wants to find a house out in FL to help me move into and potentially own. The problem however is that he only wants to spend about 50,000 max on it. I don't have the best of credit and I figured I wanted to start getting into real estate investing and owning my own properties one way or another. My question to you is... Where could I go about finding these properties? I hear alot of "Off-Market' type things but I never seem to come across anything. Should I start looking at HUD's? REO's? Pre-Foreclosures? FSBO's? Im not 100% sure as I have never invested before so If anyone have any advice im all ears.
Jerral,
I wish you the very best of luck .. because right now in this market its just that .. luck ..ok ..well maybe a bit if know how but even season investors are having a difficult time finding a profitable property to aquire .. its not impossible but unless you have a bunch of that thing i metioned earlier ..ya ..LUCK .. its not going to drop in you path .. you have to hit the streets .. go on Trulia, Zillow, Mls if you have access .. if nit you can ask a local realitor to hook you up with a daily email and access to mls for non realtors .. definatly look at Reo's,Hud, Fsbo, Craigslist.. Even Fb ..point is look at everthing including those little card advertising in Wal-Marts and such.. look at your local bingo hall for those also .. attend a local Reia meetings and ask other investors .. talk with as many wholesalers as you can stand to .. leave no stone unturned ..then maybe if you .. lucky ( there's that word again ) you can find what tour looking for or settle fir something close .. i dont want to be discouraging.. just the oppisite ..remember you asked ..lol.. i do wish you the very best ..let me know if i can help in any way .. of course besides doing all the work for you ..
God Speed ,
Michael Short
Understandable... Kind of what I have been doing. I'm going to keep looking everywhere for a potential deal. Again I appreciate it
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@Jarrel Smith, Hello from Tampa. There are so many ways to start with Low or No Money Down methods to Buy a property, especially your Residence. Read what they have on BP. I am selling a 3/1.5 near the AFBase for $160K, rehabbed, Rental Ready, and some of the Agents that have come by to see it say they can do a Rent to Own program. Call Darvon Garbus at Century 21 on Dale Mabry Hwy. He said they have a Rent to Own program for Residents. You don't need to think like an Investor that is already prepared with good Credit, some Down Payment Money, knowledge about the areas that are in the Path of Progress etc. You can Buy a Trailer to live in and pay off while you work as a Carpenter and continue to become familiar with the process. If you were 55 and over, there is a 1/1 Trailer in the park on Dale Mabry Hwy. just before Interbay Blvd. where I have four CG lots. It was $22K, financed with $2000 down by the Trailer Park at low interest. Looks like new with carport, on the lake, quiet, secure, walled in Park as clean and orderly as you could imagine. Trailers don't go up in value with some TLC when you buy a destroyed one, but, this is a way for you to start building your Credit and saving a Down Payment and when you Sell it, it is Tax-free after living there for 2 years. You can find 2/1 Foreclosed Condos for about the same price and conditions behind the Home Depot on Florida and Bush Blvd. That one could appreciate if you get one that needs to be rehabbed and of course live there for 2 years and sell with the Tax-free Residental Tax rule. Opportunities like these can be found on Zillow.com with the right search and bring up the Area map with all the dots and start looking in different neighborhoods. You want to find a fixer-upper, wood frame, termites, quiet neighborhood, maybe $50,000, take a look on the West side of the Hillsborough River running North of Hillsborough Ave. Follow along the River on both sides and see what you find. You don't have to Borrow a lot of Money to start with a simple Home for your Residence. The second Tax-free vehicle that we have in the US is with a Roth IRA and you can Buy houses within your Roth. My friend started with one and now has 90 Single and Double wide Trailers and Manufactured Homes on single lots, all over the four County area. Once you get Daily Cash Flow going with a few, they help to finance all the rest.
@mark Nolan, been using bigger pockets to do all my research. Appreciate the link. @michael Haynes, thank you for the information. Kind of what I was looking for. Someone in the area that has a better understanding of the market and able to kind of point me in the right direction. Thanks again