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Answers (19)
- Pascal2in1
- Contributions:8
I would like to get an investor to buy a house in my area, Michigan. very nice foreclosure houses with way higher appraisal values and sell it to us under land contract terms. We can put up to 10% down and the normal interest rate in Michigan is 5% but we are willing to pay to you 8%.Typically looking for a good nice house and have very high income, so monthly payments will be a breeze! Me and my husband have very high incomes monthly!
We have there children and would like to stop renting and find a place to call home :)
We have references and financial proof , that is: paystubs or tax forms.
Regards
Sarah
We have there children and would like to stop renting and find a place to call home :)
We have references and financial proof , that is: paystubs or tax forms.
Regards
Sarah
- Dan, "the_country_hick"
- Contributions:4699
Linda, do you always reply to 2 year old posts like this? The good news is there is now a post to show just how you do not deserve to be listened to based on all of your 5 "inappropriate content removed by moderator" on one thread which can be seen by people before they choose to hire you.
You showed us alright. And that will stay showing for a long time.
You showed us alright. And that will stay showing for a long time.
- Linda Strasberg, "L Strasberg"
- Contributions:2315
[Self-promotional content deleted by Zillow Moderator. Please refer to our Good Neighbor Policy for guidelines on participating in Zillow Advice]
- Bryan Genesse, "bryan genesse"
- Contributions:8
As both a Realtor and Investor, I can appreciate and understand your need for solid answers. This forum is truly to general to get into the depth of discussion necessary to answer all questions you might have. In my opinion, define the city you want to buy in then search for agents there that can help. Passive income/Cash Flow is a great source for additional income as your building equity in a property. Of course, many factors come into play to get a REAL dollar amount that reflects TRUE cash flow or passive income. If you're looking in the San Fernando/Santa Clarita area, I please feel free to call me.
- Showcase Twins
- Contributions:69
Do you have a partner with additional resources and good credit, and are you able to do repairs or upgrades if the condition needs improving.Your current available funds may not be adequate especially if you plan on a low 5% rate which you will pay points for and increase your closing cost if you will not be occupying the property.
- workabee
- Contributions:1030
Your site says that you "HATE SPAM TOO!" but your post says that you are here to push your product. Leave it to the late night infomercials. Selling dreams is wrong.
- LJSutherland
- Contributions:1
Wow, that's really an open ended question, so to speak. If you really want to be a real estate investor, I recommend educating yourself first before blowing away that cash.
You will find that most real estate agents and so called investors that are willing to help you, are just going to take your money to help themselves. Now I'm not saying they all will do that, but finding one that won't is like finding a great cash flow property; it takes time and knowledge.
Smart investors don't use their own money for real estate deals, unless they will be getting it back in some way very soon after their purchase.
Here are some tips;
Research where the jobs are headed in California and then start looking for property there.
Try to get the seller to carry the financing, most will not like this idea at first but if you structure the deal right they will grab it in a heart beat.
I like seller financing the best because if it doesn't work out, you didn't lose much and you can deed the property back to the seller.
You will find that most real estate agents and so called investors that are willing to help you, are just going to take your money to help themselves. Now I'm not saying they all will do that, but finding one that won't is like finding a great cash flow property; it takes time and knowledge.
Smart investors don't use their own money for real estate deals, unless they will be getting it back in some way very soon after their purchase.
Here are some tips;
Research where the jobs are headed in California and then start looking for property there.
Try to get the seller to carry the financing, most will not like this idea at first but if you structure the deal right they will grab it in a heart beat.
I like seller financing the best because if it doesn't work out, you didn't lose much and you can deed the property back to the seller.
- Jennifer Ricco, "SoCal Realtors"
- Contributions:15
Maher57,
If your serious about investing in Real Estate here in California you will need to put 25 to 30% down depending on the type of property&purchase price in order to cashflow it. There are properties in Antelope Valley, Ca. I recommend you contact a good lender to see what you qualify for. Interest rates are higher for investment properties.
I work with a great lender if you'd like a referral.
If your serious about investing in Real Estate here in California you will need to put 25 to 30% down depending on the type of property&purchase price in order to cashflow it. There are properties in Antelope Valley, Ca. I recommend you contact a good lender to see what you qualify for. Interest rates are higher for investment properties.
I work with a great lender if you'd like a referral.
- Linda Strasberg, "L Strasberg"
- Contributions:2315
Why are you only considering investing in real estate in California?
- sharon_6
- Contributions:139
Hi Maher57,
I specialize in the Santa Clarita Valley and it would not be possible to buy an income property, with $30,000 down and have a positive cash flow due to our prices. Do you already own a home that you live in?
If you have not already done this, my suggestions would be:
1. Talk to a lender to get pre-approved. Please note that investment property requires a larger down payment than a home you would live in. You can purchase a home to live in for 3.5% down FHA, or no money down VA if you are a veteran.
2. Search the web, MLS, Realtor.com, etc. for homes in that price range. Then, interview Realtors to find out who you would like to have represent you. If you need a referral to a good Realtor in any area, please feel free to contact me.
Sincerely,
Sharon
- HomeSand.net, "White Picture"
- Contributions:4395
I'm sorry, Maher57 want to do the real estate investment, not to invest in the rental property.
Please, disregard to my post. ;-)
Please, disregard to my post. ;-)
BTW, if you find a REA successful at doing real estate investing for a living, why would he/she be interested in helping you? Wouldn't their time be better spent doing real estate investing?
That's what always cracked me up about Charlatan Sheets, Vu, Rich Dad, Poor Dad and all these other real estate flim-flam men -- if millions are gauranteed then why aren't they just doing that instead of spending millions on infomercials to try to get me to do that?
Ha, ha! There's a sucker born every minute.
That's what always cracked me up about Charlatan Sheets, Vu, Rich Dad, Poor Dad and all these other real estate flim-flam men -- if millions are gauranteed then why aren't they just doing that instead of spending millions on infomercials to try to get me to do that?
Ha, ha! There's a sucker born every minute.
- HomeSand.net, "White Picture"
- Contributions:4395
The point is you education martket by yourself. -> The point is you education the market for yourself.
- HomeSand.net, "White Picture"
- Contributions:4395
which is same with the house you want to buy, and compare if it worth to do the investment. -> which is same with the house you want to buy, and compare the rental price if it worth to do the investment.
- HomeSand.net, "White Picture"
- Contributions:4395
No body gonna HELP YOU, you help yourself, and It's very easy task.
Every real estate agent is work for the living, and every of them can do any transaction, you can hire any of them.
The point is you education martket by yourself.
You have $30,000, and you want to buy 2nd property ( rental investment ).
At this time the bank require minimum 25% down payment for the investment property.
That meant you can buy the property around $120,000.
looking at REALTOR.COM, and search for the houses at that price range, since you have the idea of the house's size, area, etc... On REALTOR.COM you search for the rental house,
which is same with the house you want to buy, and compare if it worth to do the investment.
for example :
$120,000.( house's price ) - $30,000 ( down payment ) = $90,000 ( mortgage )
At 5% interest rate with 30 years term your mortgage monthly payment is $483.14
Santa clarita's property tax rate is 1.25% a years, monthly tax is $125.
Insurance + maintenance (front yard clean up) is $100.
Assume you repair the house by yourself if any thing needed to fix.
$483.14 + $125 + $100 = $708.14 expense.
If you buy the house with 2 beds and 1 or 2 baths you can rent out around $1,100-$1,500 ( depend ) ( I know Santa Clarita very good, because i have the rental property there ;-) )
Also you need at least another $6,000 for closing cost and lost of rent for 1 or 2 month.
What is you need to avoid ?
* Don't buy the house, which is involve with HOA ( Home Owner Association ), because of the tenants usually
Don't keep the front yard clean, you will got many complain from HOA.
* Don't buy the house that too far from you house or you work, for the maintenance's reason.
* Don't buy Condo, except if it is very cheaped.
* Don't buy the house which is the land is leased.
I too have become interested in Real Estate investing.
I am studying the books of John T. Reed -- I really like what he teaches and this is not the get-rich-quick stuff, like Charlatan Sheets, et. al. He has a nice website. The book I'm reading now starts off by telling you why NOT to get into real estate investing and makes a strong case why most people should not. It is definitely not for everyone and after you read that section you may decide it is not for you.
There is a great deal of myth and misconseption regarding real estate investing and Reed points out that it really is a lot of hard work.
Personally I wouldn't rely on an agent to guide my investing career... I'd want to study it myself because I'm the one gonna be paying for the mistakes not the REA.
I am studying the books of John T. Reed -- I really like what he teaches and this is not the get-rich-quick stuff, like Charlatan Sheets, et. al. He has a nice website. The book I'm reading now starts off by telling you why NOT to get into real estate investing and makes a strong case why most people should not. It is definitely not for everyone and after you read that section you may decide it is not for you.
There is a great deal of myth and misconseption regarding real estate investing and Reed points out that it really is a lot of hard work.
Personally I wouldn't rely on an agent to guide my investing career... I'd want to study it myself because I'm the one gonna be paying for the mistakes not the REA.
- sunnyview
- Contributions:25139
Ms. Wildasinn I'm not sure why you have decided to be nasty to people who have said nothing offensive to you, but maybe you're having a bad day. As for the question, if you are looking for investment property you need an agent the specializes in that area. REntal/income property do have additional considerations that many agents do not deal with often. I think experience is the key in that specific area if you are new to investing in real estate. Many agents that work with larger property management companies are well versed in the ratios for a positive cash flow rental and may be able to help you get started.
- Connie Wildasinn, "Connie Wildasin"
- Contributions:1178
not sure I would trust a man who has to dress up to be heard... professional realtors work with investors all day long ... do great negoicating and are much less in the end than a lawyer, that no listing agent wants to work with in So Cal at least... like a lawsuit waiting to happen before it even starts... find a realtor you are comfortable with and start shopping... keep in mind on investment porperties you will be doing 20-30% down... have you spoken with a lender yet? you must know your qualifing numbers and costs... and understand what ROI you are looking for... Good luck...email me if you need more assistance...
oh and fyi jean simmons...its not 6% to the buyers agent it is 1/2 of the agreed amount (typically) somewhere 2.5-3% and no need going to the REO listing agent.... they don't work buyers (or have a wanta be referal agent they give leads to) and many are not allowed to sell their own listings... so get representation...
- space_acer
- Contributions:4311
Real investors dont pony up additional 6% for no value added service,
they hire lawyers who are cheaper and know contract laws backward and forwards.
they hire lawyers who are cheaper and know contract laws backward and forwards.
I want to invest in real estate...need agents who are doing this for a living
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