All Forum Posts by: Christopher Arana
Christopher Arana has started 1 posts and replied 4 times.
Hi @Denise Supplee thank you for your reply! I will definitely be taking my time to do extensive and thorough research before moving forward
A lender approved me for 225k for a duplex with an FHA loan. This was based on my average income for the past two years
I appreciate your reply! I definitely understand that there are many risks and no easy path for a beginner in real estate right now. I have looked into house hacking and right now I don't qualify for enough money to buy any multi unit property in central/north NJ, even those in terrible condition.
Can you tell me what risks you see in this strategy?
Hello everyone! I'm brand new to real estate investing and this is my first post here.
I am interested in buying a foreclosure property before it goes up for auction. It is my understanding that the approximate judgement is the amount the owner owes on the property and is the minimum amount that needs to be settled. Since I am limited on funds I intend on going to the house in person and talking with the owner.
I would offer them the amount to be settled + $5000 cash to help them personally, in exchange for ownership of the property. Also because I don't like the idea of kicking someone out of their home when they're at a low point in their life, I'd let them continue living there rent free until they're able to find somewhere else for up to 6 months.
As I said earlier I'm on limited funds, and I will not be able to buy the property with cash. I would get a hard money loan from a lender like Kiavi to purchase the property. If everything goes smooth and there are no other liens on the property, I'd do a cash out refinance and get my initial investment back.
Does this strategy make sense? Is there anything I'm missing? Anything I should watch out for? Please be 100% blunt with replies because I'm trying to learn as much as I can.
I'm 22 years old living in NJ and I don't qualify for much money in traditional loans, but my credit and income is good so I'm trying to get creative so I can leave my parents house.
Thank you for reading!