All Forum Posts by: Joel Nickerson

Huge help thank you!!!

@ I would be buying to live there. Pre-foreclosue just means the owner has received a letter that the bank will foreclose soon if they do not make a payment, it does not mean the house is in short-sale, right?

Curious:

Is it possible/legal to buy a pre-foreclosure with a conventional mortgage to save the owner from going into foreclosure? I would not be able to pay cash and would need to take out my own mortgage.

Thanks!

Joel

Hi @

I am sorry, what I had meant was I found a property that I could purchase and rehab for a total of about 100k. I would need to put down 25% of that or 25k which I have about half now. After reading and listening to podcasts I see I will either need to find an investor to lend me the capital or get it myself. I am now looking into a buy, live-in, flip opportunity to hopefully get me the capital needed to start my buy and hold book of business.

I will not do anything against the law; I don't want to start out in this industry like that. Sometimes your name is all you have and I will not risk mine on a HUD property.

So it sounds like I need to find something I can either afford to put the 25% down payment on, or something in an area I would not mind living in for a year. I will have to pass on this property as I will not let my wife live in an area like that for a year.

Thank you for the information everyone! Maybe i'll try a small flip first to get the down payment needed for my first big buy and hold.

Hi all!

First I just want to say I have been on BP for less than a week and have found my new web home-page. Loving the podcasts and all the articles that the members have written and posted. Thanks to everyone who so freely shares their knowledge, it means a lot to all us beginners. Can't wait till I have the experience and knowledge to share one day!

Okay - now for the question. I am looking to start by buying a property in CT. Right now I do not own any property, but was looking to buy a HUD multi-family in the Hartford area to fix-up and rent. I figured the math on most of these properties worked out so I could make my mortgage on one renter fro a triplex, and use the rest to save for the unpredictables and my next investment.

ROAD BLOCK**

Recently found out that I either need to live in the property for a period of time (no one has told me how long), or put 25% cash down. The properties I am looking at would be a total investment of about $100k. I have about half of that in the bank, and do not have a "bank of mom" I can get the money from.

Does anyone know of a way around this HUD law of either living in the property or putting down the 25%? If there is none, I will need to start smaller, which I am fine with. But I am not one to give up unless I know there is absolutely no other way.

Thanks in advance for your tips!

Sincerely,

Joel

Thanks Karen!

I will definitely check out the podcasts and CTREIA! I had never heard of that before so thank you for the info it is very helpful! :)

Hello All

My name is Joel. I am from Massachusetts currently residing in beautiful Connecticut. I am a young professional looking to get a jump start on the real estate game! I have always been interested in real estate and always wanted to own multiple properties by the time I was 30. I am 25 now so I guess I need to get started!

Currently I am in the market for a multi-family property in or around the city (Hartford). I have read that section 8 housing can be a gift and a curse, but that there are a LOT of positives to renting to section 8 tenants. It is my plan to get started with a foreclosure property with minimal to moterate renovations needed. It it my plan to build on my small amount of capital with a first property carrying low enough mortage costs to double my money from one rental, with the potential for two or three.

But what do I know? I am very green to this whole process and hope I am on the right path! I am eager to meet and learn form others, so feel free to connect with me!

Sincerely,

Joel

Hello All

My name is Joel. I am from Massachusetts currently residing in beautiful Connecticut. I am a young professional looking to get a jump start on the real estate game! I have always been interested in real estate and always wanted to own multiple properties by the time I was 30. I am 25 now so I guess I need to get started!

Currently I am in the market for a multi-family property in or around the city (Hartford). I have read that section 8 housing can be a gift and a curse, but that there are a LOT of positives to renting to section 8 tenants. It is my plan to get started with a foreclosure property with minimal to moterate renovations needed. It it my plan to build on my small amount of capital with a first property carrying low enough mortage costs to double my money from one rental, with the potential for two or three.

But what do I know? I am very green to this whole process and hope I am on the right path! I am eager to meet and learn form others, so feel free to connect with me!

Sincerely,

Joel