I am I terested in getting my realestate liscense and wholesaling but still need to educate myself. I live in a townhouse gated community. How can I buy There is a beautiful $260,000 home that my friend has in the market 1 day ago. Owner tried to sell for 3 monthes. How can I purchase this home using creative financing. I am will sing to purchase for 300,000 if need be.but no luck.
@Lynne Garris , are you trying to wholesale this or buy as your personal property?
@Jaysen Medhurst Hello well I would like to purchase it for myself. Still my goals within a week start my realestate liscense classes. I am interested in wholesaling also but I still need to educate myself in that direction. Thank you for replying.
Talk with your local banks and CUs to see what kind of low-down payment conventional loan products they have, @Lynne Garris . You can do as low as 3-5% down. Some states offer first-time homeowner assistance, too. Assuming you credit, DTI, and finances are all in good order, this is pretty straight forward.
Here is what I think, and it is easy for me to say because I am not you loving the house.
I would focus. What is your goal. ... if you want to be financially free, I would NOT buy that house. Let me tell you a bit of our struggles. When I first started in real estate I did everything. I mean EVERYTHING at the same time.
Nothing got truly done, and we were struggling. Then one day I eliminated anything and everything that would not get me to my goal and I only did things that would lead me to my goal.
Now we make 6 figures a month running 2 successful companies and we could literally buy a nice house every month without it hurting us in any way.
See.. NOW we CAN buy a nice house MUCH nicer than any hose I could afford back then in the day when we were struggling.
My advise to you is .. FOCUS on the goal... what ever your goal is. If your goal is to crush it and make more money I would seriously try hard to not buy the house.
If you buy your house now, it will reflect on your credit, debt to income ratio and you are truly making it harder to reach that goal.
Thats me though, coming form someone that has been there...
@Jerryll Noorden Okay Thank you. You are are right. Right now it would be considered a liability for me since I am struggling by myself. Your right goals first and put money away.