All Forum Posts by: Michael Vasquez

Originally posted by @Ron S.:

@Michael, you are putting the cart before the horse. Sounds like you need to invest in yourself before you go trying to be the next real estate mogul. Sounds like you are realizing that so good for you. Yes, continue to educate yourself. Grow personally and professionally and get some seasoning under your belt in the financial world. This world is a very deep pond and you could get caught up in the weeds quickly and drown.

Trying buying an open market house that you can afford based on your income, credit, work history and stability. If you can't get a loan for a purchase through conventional means, anyone willing to lend money in spite of those deficiencies is only going to lend you money on the premise that you fail.

Payday lenders lend at ridiculous high rates hoping you have to roll the loan into a new one and you keep doing that and doing that until you can't get out of the hole. Pawn shops lend you money on your property at ridiculously high rates and ridiculously low loan to values hoping you default so they can sell your property and not only recover their investment but a handsome return on investment. Hard Money lenders lend you money on the exact same premise. That you fail. They get your property and sell it for a profit. If you have to buy your property on a credit card and don't have the financial wherewithal to handle that loan, you would deserve to lose it so, instead of letting anyone make money off of your failure or mistake or inexperience, arm yourself with education and experience first. 

Thanks for the words of wisdom Ron.  That honestly is my biggest fear, I don't want to take on all this new debt with such high interest rates if i use credit cards or hard money lenders.  

On that note i just finished attending the weekly BP webinar, which provided a ton of new info for me to look into and I just purchased one of their books- THE BOOK ON INVESTING IN REAL ESTATE WITH NO (AND LOW) MONEY DOWN  By Brandon Turner

I would love to use a credit card, but I just recently repaired my credit, so my credit history is still fairly new. I have 2 credit cards but neither are even close to the limit I need. I think it's best I just continue educating myself, because I apparently don't know enough. I do thank everyone for the advice I'm definitely going to look into everything you all suggested. I also signed up for a local first time home buyers workshop, so hopefully that helps a ton. In Buffalo there are tons of deals like the one I found, I found several others in that price range, so when the time is right I know I'll be able to find something.

Do you have any suggestions on a hard money lender in Buffalo, New York?

No I haven't ran a CMA I just seen the property and thought it was a good deal, but the more I look into it, it might not be my best option because I have no way to finance it without a loan. I have no experience in real estate so I doubt a hard money lender would approve me.

Thanks for the advice, I'll start making calls first thing tomorrow morning, I'll try my credit union first. They seem like my best bet. The property seems to be in good shape, roof is good, siding and foundation in good condition as well. The inside is a little outdated but all cosmetic from the looks of it, but who knows until it's inspected properly.

Hello everyone, so I been window shopping, so to speak and I found a really nice property in a good neighborhood that I am familiar with. It's a foreclosure on sale for $12,000. I'm completely new to real estate so I'm kind of stuck, how do I go about financing the property if I cannot use a conventional or FHA loan? Would my only choice be to get a personal loan to purchase the property then refinance to pay of the personal loan??? Please someone help I don't want to miss out on a good deal.

Thanks for the advice, I just set some keyword alerts

Hello everyone my name is Michael I'm 27 and I live in Buffalo New York. I'm completely new to the real estate. Over the last few months I've been learning as much as I possibly can. I came across bigger pockets on YouTube while searching for videos about real estate. What really stood out to me about bigger pockets was their way of teaching you about real estate, they didn't just give you terms or numbers that you didn't understand. They actually create interactive learning scenarios for you, which I think is awesome. Since that day I been hooked to BP, I listen to all the podcast, watch the videos and webinars. I want to learn as much as I possibly can. My short term goal for investing in real estate is quite simple, I'm tired of paying rent, making others money. I want to invest in me and my first home. I would like to find a double unit, so I could live in one unit and rent out the other. Of course this would just be temporary, I don't plan on making this a long term residence for myself, but I figured this way is the easiest and saves myself money so I can save and make my next purchase. I'm currently in a good situation where my bills are minimal. So I know now is the best time for me to take action and get started in real estate. The only thing that I see that might for me getting my first loan that I recently changed jobs over the last year and chose a different career path and I know most loans require a minimum of 2 years of work experience. Does anyone know if this will be a huge issue? If anyone has any suggestions or pointers, I'm all ears and I'm truly grateful for your time and advice. Also if there's anyone that's into real estate in the Buffalo area and would be interested in networking please send me a message or any experienced investors to share some words of wisdom please message me as well. Thanks again BP and all the members, I look forward to starting my real estate journey with all the knowledge I learned from you's.