I know this probably the 5th Real Estate thread in the past 2 weeks. I am only responsibile for about 2 of them but I trust and respect many peoples judgement on here on matters like this.
I went to a top notch loan officer and got some good info. Now I have to decide which the best route to pursue when doing this. Getting loans is not as difficult as I thought espciailly if these properties are occupied by rentors.
Is it better to:
1) fix and flip houses that need alot of work.
2) buy decent homes from distressed sellers with low ball offers and hope to turn around and sell a year later at market prices. Hopefully timing the market.
3) go longterm appraoch by renting them out more or less breakeven and sell in 5 years, 10 years, 30 years.
4) I have an oppurtunity to buy 2 houses from a guy that has 2 proven rentors in them all ready who have never been late on a payment, as he is moving away. Maybe a combined $100 a month posititve cash flow from both but longterm rentors will probably pay down alot of the interest.
5) get into foreclosures but have heard that is a little watered down as alot of others are into this.
More or less wondering how you guys do this? Maybe hear some of the good and the bad from others. Is there any short term (3 years or less) possibilites to make this beneficial if I go at this full bore. I usually don't like to do something unless it is 110% or just not do it at all.
If anyone wants to share off the forum, get my email from a mod. This is something I want to do but I need to find the best approach and when I figure that out than I will go for it.
I went to a top notch loan officer and got some good info. Now I have to decide which the best route to pursue when doing this. Getting loans is not as difficult as I thought espciailly if these properties are occupied by rentors.
Is it better to:
1) fix and flip houses that need alot of work.
2) buy decent homes from distressed sellers with low ball offers and hope to turn around and sell a year later at market prices. Hopefully timing the market.
3) go longterm appraoch by renting them out more or less breakeven and sell in 5 years, 10 years, 30 years.
4) I have an oppurtunity to buy 2 houses from a guy that has 2 proven rentors in them all ready who have never been late on a payment, as he is moving away. Maybe a combined $100 a month posititve cash flow from both but longterm rentors will probably pay down alot of the interest.
5) get into foreclosures but have heard that is a little watered down as alot of others are into this.
More or less wondering how you guys do this? Maybe hear some of the good and the bad from others. Is there any short term (3 years or less) possibilites to make this beneficial if I go at this full bore. I usually don't like to do something unless it is 110% or just not do it at all.
If anyone wants to share off the forum, get my email from a mod. This is something I want to do but I need to find the best approach and when I figure that out than I will go for it.
