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Gixxer05

Let me first start off saying the best way to start learning is to stay where you are at, rent is very low, this is perfect for learning. Next find someone In the DC area to teach you their way of investing (this is by far the best way to learn), but not the only way. I actually know a few people who could help you.

In real estate the biggest thing you need to know is your exit strategy, with out an exit strategy you’re stuck I know my exit strategy on every property before I go in and I don’t use any of my money, beyond a little marketing.

There are 4 rules you need to follow. If you follow all of these and do not deviate you are sure to succeed.

1) Show Up
2) Pay Attention
3) Be Honest
4) Be Unassociated with the end result.

If you follow those you will be golden.

A couple other things, congratulations on not relying on Corporate America that's what got me started. Now yes I still work for Corporate America but here shortly I won't be. Whenever you start doing something new (change) you need to give something up first. For example if you wanted to loose weight you need to give up something first, maybe it's a few hours watching TV, maybe its all that fast food, that is up to you. But remember to give something of yourself. Make some goals of spending maybe 15 hours a week for just real estate. Find some local REI clubs and go to the meetings.

I would be more than happy to help you along your way and I’m sure the associates I know in DC would be willing to help as well. If you want to know how I invest and my exit strategy, email me and we’ll talk.

Travis
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Well there are a lot of different options out there but without knowing what you want with the loan i couldn't tell you where you would start.

Are you looking to get the loan for yourself on a new house or is it for an investment?

Minna did you know that when you go looking for a new loan you have to put down all the houses you currently have. Every house you have the creditor only gives you a 60 – 70% Rent to Income. Which means on a mortgage payment of $800 and rent of $1000 the creditor will see that you are cash flowing negatively and that will negatively affect you actually getting the new loan.

There are other ways to get cash flow but land lording wouldn’t be much fun. Getting calls in the middle of the night to come fix something all the damages and repairs you have to deal with and all those months that your property maybe vacant. It’s just a huge headache and one that I don’t want to deal with.

There is another way that not only helps people get into houses and allows for easier qualifying at the end of the term, to buy a house; it allows the resident (renters) to just get a refinance instead of a new loan. It also stops the head aches of “land lording” and allows for a 100% rent to income ratio. This is a really cool way to help all parties involved. Minna you would be getting your cash flow and a 100% rent to income so with every new house you buy you don’t look bad, you actually look better.

If you want to know how, or want to find out my exit strategy, email me and we’ll talk about how we can make this happen.

Travis
[email protected]

Hey Life19 want to know a secret? EVERY LOAN out there is 100% assumable with out lender knowledge or permission. The only ones that may not be assumable are state and federal sponsored loans and those are only not assumable for the first year of the loan.

Now as far as what you can do with those well there are lots of things you can do, lease option, lease purchase, rent them out, sell them, there are almost limitless possibilities. But I would advise you to not do a L/O or L/P because there are a lot of down falls to those and when you have a l/o you run the risk of compromising the property b/c anyone's liens, suits, judgments, etc can be attached to the property. And if you have to evict someone they can claim an equitable interest in the property and if they do that you have to foreclose on the house. There are actually 5 things and if you have any of these 5 things in your lease agreement you can't evict someone.

However there is away to protect the property and stop prying eyes. This is also the only way you can avoid the Due on Sale clause, and if someone tells you that’s no biggy, they never call the note due, they are lying. If you are interested in what I would do with these properties and what my exit strategy is Email me and we’ll talk about these properties.

Travis
[email protected]