Ideas for me, any one????

instead of paying all cash-work an owner finance deal with seller with a down payment and payments for 2-5 yrs - then later down the road go refi. This will allow you to get MORE than 1 or 2 properties

The answer above is probably the best way to s t r e t c h your dollars right now. Unless you have a special relationship with a funding source, don't count on doing any refis right now. Banks are pretty narrow on their approvals right now.

IF i were in your shoes///i would go view properties EVERY day and gain extensive experience by looking,listening and asking questions all the while running numbers in search of a good deal....then i would get on dg.com and share your dailey experience...gaining wisdom,sharing that wisdom and teaching others ......all the while a deal is in the making !!!...great advice above too !!!...........one important thing ....BUILD A BUYERS LIST

NO DEAL WILL HAPPEN WITHOUT AT LEAST ONE BUYER AND ONE SELLER.....therefor u need a buyers list.........deals will come when u get out there and LOOK AT PROPERTIES

good luck ..wishing you success!!

jay

you could open a LLC, and build credit on it. Look for a bank that will open a LOC for a property under the LLC; Then you could puchase the property under the LLC, and once it's rented out, go to the bank and apply for the LOC under your business LLC.

Just make sure you find a bank that will do the LOC for the LLC before you buy a property and are left stranded...

Wishing you success,

Valerie

I didn't read all the info...you r buying and renting out....buy and hold.........as stated I also would try to buy with low down payment.........and low mnthly payment then sell on land contract for more down...more per Mnth.......charge interest......and charge a HIGHER sell price ............this way you are getting cash up cent...making a cashflow per Mnth......making interest........and making a nice profit on the end total sale price.
good luck
Jay

I have to agree with Mike, Bill and Jb. It is also important to find the sellers hot buttons re: why are they selling. FSBO's with owner financing is a great way to get started in this biz. If you have the funds, use it as a down payment for seller finance. Don't use up all your funds on 2 deals, you will have nothing left to go on to other deals if buy and hold is what you want to do. My partner Jeremy and I struck a 10 yr seller finance deal on a 2 fam @ 7%. So now we have 10 yrs to decide what and when to refi. Those deals are out there everyday of the week. Hang on to your cash and when your employment situation changes, so will your investing strategy...jan

thank you every one for giving me the info....I value all of your opinions greatly!
I am looking to derive an income from my realestate investing that would allow me to do this fulll time, curenly I have alot of time on my hands. I like the above strategies, but do I need to do something else in addition to buying through sellerfinancing to be able to refi and pull the cash out of the properties in the near future?

Have you considered wholesaling, assigning contracts or other avenues to create more cash on hand??
Also remember when you refi to get cash out, your payments will increase and make sure your rents will cover it

Don't leap into a refi until you have all your ducks in a row. You must be able to cover the nut. If you are in a hurry to refi, you might try a PML. They are not as strict as a bank, and closings are faster but you will be paying points and a higher rate of interest. So like I said make sure your prop generates enough cash to cover the nut and then some...Jan

thanks, I am going to digest all the info.

any body else??