All Forum Posts by: N/A N/A

what's a HELOC?

is this assuming that you go to the same lender each time? Could it be useful to shop around for different lenders? Or, would it be an idea to bring several options to the lender with the thought that if one deal doesn't fit, maybe another will?

Can anyone explain to me what exactly a "note" is and how it differs from a loan? I've run across this word many times and in all my reading it's always been assumed I know what it means. (Some of us ride the short bus, sorry) All I know so far is it's some sort of a paper promise of money (not a loan) and that it can be bought/sold. I'm in the dark, assistance, please?

chris--
I agree wholeheartedly with you on that, I know how important it is to surround yourself with knowledgeable like minded people when you're trying to learn something (veteran nurses willing to teach are a godsend to a newbie nurse on the floor!) I made a post on that forum also because I've been having a slow time locating/contacting REI clubs in my area.

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chris--

I don't know too much about private money lenders other than they may be able to provide me with more options/flexibility than I would find at a bank. When I bought my house I went through my bank, mainly because I didn't know there were so many other options out there. I'm definitely interested in learning more. I'd like to start out small with single family homes and get a feel for how things work as far as management and repairs, etc. After that in a couple of years I'd like to move on to multiple family residences. I'm not interested in extensive rehab, I want to be able to fix up details and turn the place around quickly for rental. I've also considered some of the pros of flipping, but I know there are other hassles involved with taxes, etc. so my main focus is long term investing. Am I being at all informative here?

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NBD Investments--

I'd be interested in hearing how that all works out for you, best of luck to you.

I've thought about this myself as an option, but can you elaborate more? I know interest only loans come usually in 5 to 10 year increments before you have to start paying on the principle as well, but are there penalties (I'm guessing there are) for flipping the property shortly before that transition happens? And, is it possible to decide to hold onto the property, but refinance for a different mortgage option that would still not have you paying full rates?

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juzamjedi-
Well, I try to never give relationship advise since I'm not really qualified to :wink: but I can relate to the delayed gratification issues as well as the poverty mindset. My family has always been very poor, in fact they took a very bad turn for the worse that led to my joining the military (I was offered food, clothes, a guaranteed place to sleep...) for these reasons I've always been afraid of ending up like my family. I've worked very hard and studied a lot to get to where I am now (23 yr old E-6 with a house and a good career as a nurse) and my bigest problem now is relying too much on delayed gratification where money is concerned. I save to the point of hoarding and am unwilling to part with those precious pennies. When I say "I have no money" that's not necessarily true, it just means that I've spent my self imposed allowance. So I can sympathise with your fiance being reluctant to view money leaving the account as a good investment, but I understand your point of view too. I know life isn't easy, I've worked hard to make sure that when I reach my parent's age I'll have the option to retire. I know you view your investing as something that will pan out with patience, and some people just have a hard time being that faithful to a cause when so many potential problems may arise. I don't know if this helped any, but I wanted to add in my two cents just in case.

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I've done a lot of reading, researched on the web as many places and as many topics as I can think to look up, really want to get started and see if I sink or swim (really hoping to swim!). I've got some money stashed away, but am really a miser at heart and would rather not part with too much. That being said, I'm very interested in creative financing. My credit is fair, nothing outstanding, but I have a good history of paying my debts so I think I stand a good chance of finding financing if I know where to look. I was thinking of REO/forclosure properties as a possible place to find a good deal, any opinions? Are they really better deals or just a different variety that come with their own technicalities? Would like to hold long term investments, but not averse to flipping. Again, pros/cons, anyone? And lastly (for now) I read someone else's post that referred to a company that was started for the purpose of investing, and I think I understand how he got the idea, I've come across that myself in my reading. The thought is, avoid having my name on the paperwork and some of the reprecussions that come with it by forming a company and investing in the company's name. I don't see how this is really necessary from the start if I plan on starting small, a single family rental here and there, but it does make sense if I decide to really expand and make this a full time gig (which I'm hoping for). So my question is, can anyone tell me how the creating a business thing pans out, am I right in my assumptions, and if I start out on my own is there a way to avoid possible tangles from having my name posted for the world to see? I'm assuming things can be transferred into a business name at a later date if that winds up happening. Wow, I'm really long winded, huh? So I hope I don't sound too general, but I haven't fine tuned what I want to do yet, I've always been one who likes variety. Thanks for your time and input!

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I live in Longmont, Colorado and am looking for a nearby REIC to gain info and make connections. I've seen listings for three or four on the web, most were about a two hour drive away, and I haven't gotten a reply from the folks nearest me on that list. I'm willing to commute a bit, but I'd really like to talk to folks already working in areas I'm interested in (ie Longmont, Boulder, Denver) if anyone is from those areas and involved in a local club willing to gain a new member, lemme know!

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