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thanks southern cal...i'm glad to hear some1 else thinks that besides me lol

The people who say some1 can't do something are the people who give up on everything and probably have tried and failed at whatever they're saying doesn't work. Either that or they are just ignorant and never tried :goofy:

I'm meeting with the real estate agent on Tuesday to look at that house and a few others so i'll get back to ya after Tuesday

I think i'm going to have a harder time coming up with money for an appraisal, contractor inspection, mortgage broker, etc. than I will getting the financing lol...but if this is a good deal i'll find a way. I'm going to put in my contract that the seller pays closing costs and hope that he accepts (which he should cuz hes motivated)...but we'll see

Not to jack this thread..but I have a question

I have my FICO score but it ranges from 150-900 instead of 300-850 or whatever..

whats the difference?...should I just go to myfico.com and get it renewed (i got it 5 months ago) and take ALL 3 of them into my mortgage broker when I meet with him/her?

Yea I've thought of partnerships...me and my brother will most likely be partners actually b/c he's getting into RE as well

I'm looking at a duplex in my area for 33,900...it's renting right now for $415 and the other side is vacant b/c he just had to evict them for not paying. The tenants in the side thats rented have been there for over 7 years

I'm meeting with the RE agent next week sometime to look at it..I just have to call her back and let her know when its good for me b/c I have school and work

If nothing else, it will be a good experience with me to tell her what kind of properties i'm looking for so she could remember me and maybe let me in on a deal coming up in the future

Here are some facts about the property i'm looking at

Rent right now is $415 total.
Vacant side was renting for $350 but i'd do it for $400 (other side is a tiny bit bigger)
Owner pays gas (1800/year) Tenants pay everything else
Taxes $1214/year
Insurance would be cheap. There's no weather hazards here
He's motivated (getting divorced and selling all his property in the area)
2 bed 1 bath
1460 sq. feet

All in all...it would negative cashflow right now, but if I get him to fill the spot before I buy I would be taking in 200-300/month depending on financing and other costs

I'm not gettin my hopes up too high. If there's nothing majorly wrong with it repair-wise I might send in an offer for like 28000 or so since it would negative cashflow right now. If he accepts, great. If not I won't worry about it.

Others with the same square footage in the area are selling 55-70k

There's alot of things that alot of people thought couldn't happen. I'm not trying to be a wiseguy...but ANYTHING is possible. ESPECIALLY in a field like real estate. Just matters how much you want it thats all

Plus I never said I had zero credit (it's average)..I don't need to repair it, I just need to be alive longer lol. I have enough dollars for some professionals to check the place out, and I have help (realtors, this forum, books, audio cds, etc.)

Really the only problem is money..but there's always ways to come up with money if ya try hard enough

awesome..thanks for the advice

I'm going tohave to check and get my credit score...i'll have to see what is the best route to take in regards to getting that done. Plus I just found out that my dad knows a retired investor fairly well ( i just saw the guy yesterday actually)..so i'm going to call him and take him out to lunch and see if he can mentor me a bit, and hopefully he knows some people in the area

Also, I'm signed up with Pre Paid Legal for both ID Theft and their regular plan..and for my ID theft I got my score from experian 4.5 months ago

It says that my experian credit report is 672 on a scale of 150-930 (I thought it only went to like 800?..can anybody explain that?)

Also, thats when 1 of my cards was just about maxed out. I'm also (in the next few days) going to be put as an authorized user under 1 or 2 of my dads credit cards so it will seem as if I had all those years behind me so that'll help

So all in all, 700 should be coming up pretty soon

sounds good...another question tho

Should I be talking with a mortgage broker in my area or should I go to a well-trusted online source? (If online, what's a good one lol)

I'm a little confused as to which step I should take first..

1) I could talk to a few mortgage brokers in the area, tell them roughly the amount I would be buying a property for, and see what kind of financing I could get..or

2) There is a great deal near my house that I will be getting a call about either today or tomorrow. If it is as good as it sounds, I want to fax the guy a contract that would be contingent upon me getting favorable financing and complete inspection of the property

This is the problem. I'm only 20, have very little money, and although my credit is very good for my age, it's probably only about average..which would get me nowhere with a bank. I would pretty much need to get 100% financing on about a 130k property and have the seller pay closing costs and attorney fee's (which I would put in the contract)

I have enough money to get an appraisal, contractors inspection and those types of things..but after that I would be broke

If anyone can advise me on what would be good to do, please let me know ...thanks in advance

I'm going to be getting in RE investing shortly but I want to network with a mortgage broker first because that will be the hardest part for me

I have good credit for my age, but since i'm only 20 it's not the highest since I haven't been around long enough for it to get high. I'm looking for a broker in the Northeast PA region to help me out and give me a little direction into getting funded for deals

I must be in a good area then because there are TONS of 3 plexes for sale around here from 70-130k which gross about 1200-1500 per month

I'm actually going to get a call tomorrow - I found a property that is fully rented right now, grossing $2300 per month selling for 135k...so i'm gonna talk to the realtor tomorrow and hopefully have that as my first property

Taxes and insurance are very low around here to. The only thing that "could" go wrong is flooding, but that's only in certain areas near the river. Taxes are only like $2,000-2,500 per year.

My problem is going to be finding financing. I have almost no money in the bank lol..but if this deal turns out to be as great as it sounds, or even close...i'll find a way somehow

awesome..that sounds good then maybe i'll have my dad do that. He's had some of his cards for like 10+ years.

I'll have to look into this a little more :) thanks