All Forum Posts by: Joe Gross

Thanks Marc.

Pardon my ignorance - but what's a note? What do you mean sellers carries the note?

Thanks

Hi members.

My name is Joe and I'm new here. 1st post.

Welcome!

I live about an hour north of New York City. NJ/NY border area. The following is where I need advice:

I read a lot recently about first time buy-and-hold investors and they all said to start with a single family home. I have so many question I'll just jut them down. Hopefully someone here can make sense of it all.

1) While I have 0 dollars to put down I might be able to get some hard cash either on loan or as an investment. My question is which is better? Say, I can probably secure 40k in cash for a down payment. Is it worth it? And which is better? Hard loan or some kind of partnership?

2) My credit is not the best, to say the least. I won't be approved for a normal mortgage outright. I have a buddy a successful businessman with very good credit and he's willing to partner with me somehow. My question is - with such a low expected cash flow (houses around here go for 300k+ and rent is around 2k-2.5k) is it even worth to partner?

3) Speaking of credit: How does one get a mortgage for an investment property? I believe that it's easier to get approved (lower down payment + better terms) on one's residence than an investment property. How do people get around this? Do they just live there a few months/years etc? Or is there another way?

And, is a duplex a solution here? Say, I get a duplex and "live" in 1 side for some months/years and then rent it out?

Ok guys, that's all for now. I hope someone can straighten this novice out...

Joe