There is a short sale property I am interested in and would like to borrow 130,000 for purchase and renovation.

Within the loan guidelines the criteria will specifically call for a minimal contribution from the borrower.

When starting out and when you need to borrow, as opposed to paying all cash, then "borrow as much as you can for as long as you can."

Many banks are looking for an experienced borrower (2-5 years).

Mike also used his rather severe stuttering to his advantage when talking with borrowers.

Escrows are required under your security agreement to limit losses to the lender by a borrower failing to pay taxes or insurance or other items.

The whole story too is that you need to work at it, don't buy all the notes and sit back, you make more churning the pot, buy it, modify, refi, have the borrower sell, get borrowers to move up, expand as you make things happen you want to get paid earlier than the maturity.

Preparing yourself to borrow more is simple and everyone over thinks it or is scared to take on the "responsibility".

I would do any borrowing against the 2nd property for that reason.

You can see what text books they use in your state.Ask Realtors if they have a book you can borrow, drop into a RE brokerage and say hello, tell them of your interest and ask questions, but take care not to impose taking up their time, they do have to work.Your local library may have the state text book, check there.Other good sources are at college book stores, check out their RE section.At your age I'd suggest you do some more studying too.