He would tell me sales prices of houses selling for 500k-1M on Grandview Ave in Pittsburgh he had the chance to buy for 50k 30 some years ago.When i was about 18 i started looking for my first project(rehab) hoping if i found the right deal i could sell it to a family member there were 4 amazing houses i came across but could not sell the idea to anyone there was even one house an old lady gene a friend of mine was going to sell me for $2500 that was rentable as is i could not come up with the money and she was scammed buy the RE investor i learned so much from he saw a good deal and took it. the house hunt never stopped i started showing more houses to my mom and she became more interested. 2005 was a terrible year along with a slow work year construction wise i lost my best friend, grandmother and father then my house ,car everything but my dog due to funeral expense's i realized life was to short and i would not wait to get into this business anymore i moved back in with my mom and became even more motivated to get a rehab going i showed my mom a property in summer 2006 and she became interested and helped me get the house it was almost condemned we bought it for 6k and brought it back from the dead if you visit my myspace page its the yellow house on the slide show Ive since done 2 more and I'm ready for many more I've decided this wont be a hobby i sleep RE literally. ill live in the streets if that means i can keep building this dream.

My take on your possible profitI assume you're borrowing the entire purchase price, the rehab money, and closing costs on the purchase.

With sub2 you are paying the rate that the borrower was paying.

Not naive sellers who will be less motivated to work with someone who is nervous.Or find a partner who can do more of the front work while you run the projects.Just do not let the speed bumps stop you.John CoreyOriginally posted by "chaz":I have an icredible passion for RE investing.

Maybe you've spent $16,000 , maybe you've spent $20,000 , it doesn't matter, it's in the past, stop paying money, and start paying attention to this website.To invest in real estate, i don't think there's anything i'd spend money on for education at all.

In some states judges have overturned deals where the investor buys from the borrower and then rents it back to the (now past) owner.I would go very slowly if you think you will do more like this.John Corey

As treasury interest rates rise so do mortgage rates which, in turn, makes it more difficult for borrowers to qualify for mortgages.

Fannie, who establishes the guidelines for conventional financing, allows a borrower to have to 10 financed properties.

(note that I have no pending deals, it's just my vision of starting)I've been lurking on the boards non-stop the last two days (that’s when I found this place) and am even more of a rookie than I thought.

Hmmm; I stopped reading when I saw "USAA".