All Forum Posts by: Grant Greene

I agree with everything Charles said above.  Let me add this to give his point just a bit more clarity: if the property has a "Queen Creek" address (no matter what the ZIP code is) make absolutely sure the property is in Maricopa County and NOT Pinal. That's not a slam on the good folks of Pinal County at all - it's a simple supportable fact that Maricopa County offers better services for taxes paid, and the house values in the Maricopa County addresses in Queen Creek reflect that. Please message me if you have any other questions. 

Jasmine:

Good morning, and welcome to BP!  All the advice above is great!  I'll add this:

Sit down with a mortgage professional and share your goals with her.  She'll ask you for both your short- AND long-term goals and help you come up with a plan to accomplish both - this will give you a good structure.  Mortgage professionals don't charge for consultations (if one does, something's hinky).  It's in their best interest to give you good, valuable guidance so you are successful - that's how they earn your business.  If you don't know a good mortgage professional, reach out to a few RE investors with a good track record (meaning: they've been doing this for more than just a year or so) and ask them for a referral.  

I wish you the very best!

Grant

Mohamed:

If you don't already own a home, and you're willing to venture south to live with the unwashed masses here in the US, an FHA loan on a multi-family unit (where you live in one of the units for at least 12 months) could be the perfect start for someone who is low on funds - an FHA loan only requires a 3.5% down payment.

Grant

Daniel:

If you're looking for more "fertile" REI ground, going north into the Sacramento area or east into Arizona could be good for you.

Grant

Katherine:

Good morning, and welcome to BP!  You have surrounded yourself with a great group of people, and BP is the perfect forum for guidance and support.  Since you're in North Carolina (I'm jealous - I REALLY want to move to Charlotte), and I'm in Arizona, you can take this piece of advice for what it is rather than suspect it's a sales pitch. : )

As you begin your venture in REI, I would strongly recommend seeking out and meeting with a mortgage professional. She'll ask you to share your short- AND long-term goals, and once you have, she'll help structure a plan for you that will achieve those short-term goals in a way that should produce proceeds that will enable you to pursue your long-term goals. A mortgage professional does not charge for a consultation (if they do, there's something hinky), so it's in her best interest to give you guidance that you find valuable and useful - that's how she earns your business.

I wish you the very best and hope someday to be a fellow Charlotte resident. 

Grant

You can consider an FHA loan if you're planning on living in the property you buy for at least 12 months. For example, if you buy a 3-bedroom house and are planning on renting out the other two rooms or a duplex and your rent out the other half, you could get an FHA loan for that investment. The down payment, which is 3.5%, is something that can be "gifted" to you; the closing costs are also allowed to be "gifted". Whatever you decide to do, I would STRONGLY urge you to meet with a mortgage professional. There's no charge (and if they say there is, that's not right). Best of luck!

Grant

Ryan:

Good morning, and welcome to BP! As you're seeking out a good real estate agent, may I add something to your search?

Before you make your first investment, sit down with a mortgage professional. A good mortgage pro is going to ask you to share your short- AND long-term goals with him (if he doesn't ask and just wants to "sell" you a mortgage, this isn't the right mortgage guy). Once you've shared those goals with him, he'll help you structure a plan that will achieve your short-term goals that will yield proceeds to help you pursue your long-term goals. The best part about this is mortgage professionals don't charge for a consultation (and if they do, something's extremely shady). It's in his best interest to give you good advice that you will value and use - THAT's how he EARNS your business and his money.

If you don't know where to start (I wouldn't recommend Googling "mortgage professional"), seek out a couple of RE investors in your area who have a good track record of success and ask them for a referral.

I wish you the very best!

Grant

Chevron:

Good morning, and welcome to BP!  Your thought on seeking out and working with a mentor is very wise.  May I add something to your search?

Before you make your first investment, sit down with a mortgage professional.  A good mortgage pro is going to ask you to share your short- AND long-term goals with him (if he doesn't ask and just wants to "sell" you a mortgage, this isn't the right mortgage guy).  Once you've shared those goals with him, he'll help you structure a plan that will achieve your short-term goals that will yield proceeds to help you pursue your long-term goals.  The best part about this is mortgage professionals don't charge for a consultation (and if they do, something's extremely shady).  It's in his best interest to give you good advice that you will value and use - THAT's how he EARNS your business and his money.  

If you don't know where to start (Googling "mortgage professional" isn't the best way to do it), seek out a couple of RE investors in your area who have a good track record of success and ask them for a referral.  

I wish you the very best!

Grant

Torrance:

Seeking a mentor is a VERY good idea.  I would only add that you would also be served well by reaching out to a mortgage professional for a consultation.  A good mortgage pro will ask you to share with him your short- AND long-term goals; once you've done that, he'll help you formulate a plan to reach those goals.  The best part: mortgage folks don't charge for a consultation (if they do, there's something shady).  It's in their best interest to give you good, actionable advice that helps you see their value - that's how they earn your business.  I wish you the very best!

Grant

Shimantika:

Good morning, and welcome to BP!  I would highly recommend you meet with a mortgage professional in your area.  He/she is well versed on the conditions of the local market and can help you put together a plan that will help you reach short-term goals that should provide you with resources needed to pursue long-term goals.  The best part: you don't have to pay a mortgage professional for a consultation (if you do, there's something shady).  It's in the mortgage pro's best interest to give you good guidance so you see her/his value - that's how they earn their living.  

I wish you the very best!

Grant