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- Peter Tiemann, "ptiemann"
- Contributions:695
what do you mean with investment. Why the quotes? Will it be a rental property?
-Peter
Improve your credit score. They are not giving out stated income 60 year interest only option arms as easily as before. Get yourself a new mentor. Kiyosaki???
Silver- do you have a real estate agent? If so, they probably should have told you to get pre-approved by now. :) The pre-approval process is simple, and doesn't take long. It will tell you what you can afford, and what down payment amount you will need to have- all that good stuff. Where are you looking? A lot of areas have strict lending guidelines now, and are termed 'declining markets'. This will affect your loan in a few ways, so find out ASAP if you are in one of those areas.
In terms of choosing the right people, go with a referral if possible. Someone that has worked with a family member or friend and has actually done WELL for them would be ideal.
When you say investment home, you do actully mean you will be living there, right?
- Rob Cochems
- Contributions:3523
Silver,
If this property is going to be used as a rental, be prepared to put 20% down on the purchase. There are programs out there, but if you want to receive the best pricing possible, it would not hurt to work on increasing your credit score right now. The market is not going to bounce back right away, so you don't have to worry about values increasing in the near future. And the lower rate you receive by improving your credit score will benefit you for years to come.
- Silver84
- Contributions:176
Sorry I was not clear. By investment I mean rental home. I see most on here talking about buying a home to live in. We are living with my father and have no need for a home now. We'd rather have our first home be an investment, not a liability. I have talked to a few agents here in san antonio, but it seems they are only trying to make a quick buck....and not really trying to help. Do I really need my own agent to buy a home? Are there any "deals" I should know about for first time home buyers?
And yes My credit score should improve soon. We are cashing out all of our silver and paying off the Tahoe...the balance is 13k & will be paid in full within 2 months.
Thanks :)
oh and what's wrong with Kiyosaki? I took his advise on buying silver years ago and it's really paying off now.
- Waiting4Ever
- Contributions:684
silver
forget Kiyosaki
he sells books
i read your profile
you've been brainwashed
anyways
good luck
- space_acer
- Contributions:4311
Silver! Tahoe homes are overpriced. Your in a declining market.
Its better to wait until after the blood bath.. as Kiyosaki has already admitted.
Then and only then do you buy!
- Silver84
- Contributions:176
You still have not told me what's so bad about Kiyosaki's advice....??
- Silver84
- Contributions:176
So your saying wait?
- CORONA NICK
- Contributions:2218
Watch this video, when its a good time to buy....
- Silver84
- Contributions:176
LOL I've seen that. There's always gonna be negative people...esp when you're successful.
- Rob Cochems
- Contributions:3523
Silver,
Tread carefully here...people are not always nice.
As far as your question for first time home buyers...there are programs for primary homes, but not rental properties. Rental properties have tighter lending guidelines...be prepared for a down payment, and a rate higher then normal market rates.
Using a realtor is up to you, its not required, and the listing agent can handle all the paperwork for you, but some people prefer to have an agent solely worker for them. Rather then one agent working for both parties.
- Rob Cochems
- Contributions:3523
Space_acer
'' There's always gonna be negative people...esp when you're successful.'
Sounds like you joined the cult.
- Rob Cochems
- Contributions:3523
Space_acer,
She is looking in San Antonio...not Tahoe.
- Waiting4Ever
- Contributions:684
silver
you're young
you're better off going to an accredited university
knowledge is power
thats your sure shot
Kiyosaki appeals to the uneducated
no offense to the uneducated
anyways
good luck
The guy advocates kids NOT go to college. WTF?
- Silver84
- Contributions:176
Go to a university...? So I can be up to my eyeballs in debt and be stuck in the same rat race your stuck in? hehe no thanks but good luck to you!
- Silver84
- Contributions:176
I
- Silver84
- Contributions:176
Iagree
- Stefanie Willard, "Stefanie Willard"
- Contributions:38
Yes, get pre-approved and hire a buyers agent that will help you search for the property and work on your behalf.
- Silver84
- Contributions:176
I agree knowledge is power...BUT you dont need to go to school for knowledge. Thanks for the advice from what I asked.
''So I can be up to my eyeballs in debt and be stuck in the same rat race your stuck in? hehe no thanks but good luck to you!'
No so you can have a solid foundation to fall back on when you 'investing in real estate and get rich' plan falls through. Did anyone tell you we are in a decline? Kiyosaki pays lip service to real risk. Most parents who are successful in business don’t want their kids going into business and instead guide them towards college educations. Why? Because most businesses fail and those that have succeed have first hand knowledge of it. The stories of people trying their hand at real estate and failing, are far more numerous should you care to really look, than those who succeed.
- Rob Cochems
- Contributions:3523
Silver,
Do you research carefully, in this market you should be able to find a rental property that is cash positive.
''rat race your stuck in?'
You, your husband and child live at your parent's home. Good luck Ratatouille.
- Silver84
- Contributions:176
I didn't ask what do you think I should do with my life! Geez LOL. I dont' seek job security, I seek wealth....But thanks for the imput.
- Silver84
- Contributions:176
I think I hit a nerve eh? LMAO
- Silver84
- Contributions:176
ASSETS
Sweetheart, it's not 2005. No more shortcuts to pay day. No more flipping. Fix your credit, save for a downpayment and buy your family a home first. there will be plenty of time for 'investment' shopping.
Looking to buy our first "Investment home"!!
Does anyone have any advice on this? We've been looking at homes for
more then 8 months and have learned so much. I guess we're just fearful
to finally take the plunge and buy. Should we get prequalified ? Who do
you suggest? My credit score is a 650, should I wait?...........
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