All Forum Posts by: Jeremy M.

O I see, so that 6% fee might be more than what i get for the assignment, if it is a nicer home. But this might work if it is a less inexpensive home

O ok, so do you use inspectors or do you find someone that will give u a bid

Do you guys have a professional inspector go thru the property to see how much the repair will be before you decide to buy a REO property? do you do this before offer or after an offer? Or do you decide yourself how much the rehab will be? Do REOs usually need alot of rehabbing?

Say i get a house undercontract, but i dnt have to many people in my buyers list. Can I go to a Realtor and ask them to sell the contract for me for a fee? it is only a assignment of contract fee that i will be receving 5k, so would a realtor take time to help you assign this contract for 6-8% of 5k?

Ryan, did you need to come to your first closing with a 23k check to close?

How about REO properties that I would like to buy and rent. Would this be a different story or is it also not possible with FHA loan

I hear FHA loans have to be owner-occupied, meaning I can not buy 3 houses with fha loan and rent them all out, is this true?

thanks

This is just a general question i dnt have a specific house im looking out....I just graduated from college, have been studing this for a while, dnt have a good income have 700+ credit score all three, no debit but a student loan..just some info.
Plan: Buy a house getting a loan, then turn around and rent the house to make a small profit every month.
Question: What type of financing is the best for this situation? 10,15,30 fixed loan?or FHA, dnt no what that really is but ive read about it. Or is there a better option?
My idea is to get a 30 year fixed so that i have to pay only a low monthly payment every month to the bank. But then rent it for a good amount to make that cashflow. Good idea or is there a better way of doing this?