Updated almost 10 years ago on . Most recent reply
Getting Started With "Subject To Existing Mortgage" Investing
Hello, I'm new to real estate investing and wanted to get started using the "subject to existing mortgage" strategy to buy and hold (landlording) to build wealth. What sorts of advice can you give me to get started in the Gainesville, FL area or any are in general? I'm limited on funds and my credit is not in the best shape to qualify for a traditional mortgage, hence why this strategy appeals to me. I'm working as an Engineer with a decent salary, however I'm using my excess cash to pay down my existing debt incurred from my previous business. I've lined up a real estate lawyer to close my deals, but that is as far as I've gotten. What are some creative ways to find these sellers? How did you get started and land your first deal? Thanks for your help.
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Get yourself financially set before trying to invest. You have to have reserve funds for that emergency water heater, HVAC or roof problem that pops up the day after you buy/lease option the property. Keep in mind; mortgages are not assumable and most have a due on sale clause in the contract. If you want to fail quick in REI, start out under funded.