Either fortunately or unfortunately me and a buddy got a small 2 family for $34k and plan on doing about $10-15k rehab by ourselves, now my partner is going to be renting 1 floor and my step daughter the other (this is where it might be unfortunate part comes in, but me and my wife are doing this to help her out)...

I'm sure alot of us newbies are seeking insight on investing, where to look for a good buy, how to make deals and what are the right/wrong steps..

I'm working with a great agent who has proven to me their value.

The question I have is what are the steps I have to take to investigate the property which is in another city.New York City is too expencive to have a positive cash flow.

However, this dramatic step is coupled with a dramatic reward: lenders can claim additional benefits if they can show they’ve followed all suggested procedures.

If you have proven in the past to be untrustworthy, it will be VERY difficult to get a loan from anyone.

Please respond back ASAPPlease tell me what step should I take to make this deal go through.

i think it's even better to take it one step further and purchse an LLC with IRA. if done right you don't have as many restrictions and have more control.i'm actually in the process of doing this right now. plus, i am getting a huge LOC for the LLC thru the company who is setting this all up for me.it will be just for RE.the company is called Wolfe Capital Group. very interesting.jimbo

I think I am ready to move to the next step.

However its still really hard for us newbie investors with no proven track record to get a bank large or small to give us a loan on an investment with none of our own "skin in the game" so to speak.