$100k pre-approved / I don't want to die in a cubicle

[Virginia F.]

Hi all!

I was almost about to complete the American Dream (actually have 2 leases and some credit cards) and just the house was pending.

Then, I was feeling sad and demotivated about the life I’m living versus the life that I want to live and I started googling: How to make money from home and its derivatives…that’s when I found this useful website!

I don’t want to be tiring, I need your advices because when I was looking for homes to move in I got pre-approved for a $100k loan (I’ve save $10k but don’t want to expend it in Down payment *yes, I bought the book*) . Passaic / Newark / Paterson NJ area are expensive and taxes are high, but anyway I think I could use this first loan to invest in a house and rent it having a little or big profit to start with something.

What do you guys think?

Thanks in advance, Virginia

[Tiffany S.]

There are ways to buy a house with no money down. For example in VA i used the VHDA program. Not sure whats available in NJ. A lot of investors start with a duplex/triplex and rent out the other portions of the house for rental income. I am assuming you would need to live in the property.

You could also purchase a "fixer upper" and use the FHA rehab loan. There are many different possibilities. Good Luck!