Please help

sure could use some help

Hi Scott,
Congratulations on the best thing that could of ever happen to us! The house sounds great. There are so many opportunities out there. The good thing is you are starting off on a great foundation. I would first get pre-qualified for a mortgage. No sense of offering if you don't know where you stand loan wise. Look into the 8k tax credit. It's a credit given from the government for first time home owners. This will keep more money in your pocket for investing. You can also start by looking at comps. What ever you offer, start on the low side. Especially if it has been on the market over 90 days. Pricing low, you can always go up if needed. If you use the search engine here you can pull up all the info from one of the forums. The tax credit needs to be done before Dec.2009, so don't miss out. Also go to the web site for MI and see what incentives they are offering for Detroit residents. Find a buyer's agent. Someone who will represent you on this end. This will also start a great relationship for future investment deals. This will be a start of a great circle of influence needed down the road. There are so many foreclosures there. You can really find some great homes at a discount. First thing that is most important is to build your buyers list. And become more familiar with the strategy you feel best suits you and family on this amazing journey. The tools are here! So make the best use of it to bring a brighter future for you and family. We have the best support system out there by far. DG.Com. Continued success...........Lubertha

Lubertha, thank you so much for your info! I really want to do this! I am a little discouraged though, you see I was talking to an agent yesterday, and after I told him what I wanted to do and the cities I wanted to look, he told me that he is a investor as well, and it's really hard to do any creative financing now days-that you need a lot of money! And that it's even harder to qualify for a loan! Also, after I get my 1st house, how do start adding more onto my name without my debt to income going over?

So many questions, so much stress of the unknown from lack of knowledge

Thankl you again for everything
God Bless and may He show you favor!
Scott

If you buy your home at the right price you will have equity to work from. You can take cash out and refinance with an rate that will keep your payments the same. So there is no new debt to income agaisnt you. If you are investing into multi-families then your rental income would offset the difference. There are tons of foreclosures in Detroit. Remember you are learning from the best of the best. His strategy might not of worked for him. Doesn't mean yours won't. Keep reading and staying on the forum. If nobody has told you lately. This is a once in a life time event. It took this market years to get here. Not too many people have ever witnessed something like this happening. It doesn't get any better than this for a buyers market. You can do this with no money down!! I have no money, no credit, no car. But it's working for me. You can do this! You can start immediately by placing yourself only in an enviroment of people that say Yes you can! When you are starting out especially, it is important to build a invisible wall around you. Get past this point and the rest will come. Expect everything negative to come out of the wood work in this stage. Just put on some head phones and hear the song of financial freedom Dean wrote for us. Keep doing something everyday towards your goal. Fear comes to everyone. See it for what it is and keep going. We are here to help! Continued success.............Lubertha... P.S. Did I say, You Can Do This?

Please don't rush in and buy a house just because you think the markets about to pick up... the main idea of investing is to buy the worste house in the best neighbor hood...do your reseach on the area your looking to buy your house in find out as much information you can on that property so when you make your offer you have information that can help your reason for submitting such a low price....

Your should buy deans book to gain more insight on this new venture your about to take on..
Arm yourself with knowledge and you can't go wrong

I would recommend to track the market in your local area and see what types of homes are selling and at what prices (say in the past 3 to 6 months). There are a lot of articles that mention Detroit having an abundance of homes on the market. If that is true in your area try to find the homes with the best potential margins for profit. This will make it easier for you to assign the deal, flip the deal, refinance the deal, or find a partner on the deal. Good luck on all your future deals. Believe and Achieve! - Joe