I want to learn how to sell real estate and buy with little money down or with no money down . I would like any or information or if there are any books that I could consult or learn from. I would love to know this because I would like to get in the business.
2006-08-21 07:14:59 · 12 answers · asked by marty729 1 in Local Businesses ➔ United States ➔ New York City
The "get rich quick" idea of owning dozens of properties and sitting back to enjoy the rent payments is a SCAM!
You can carefully buy a property for an investment, but you need to have good credit AND have equity somewhere.
If it were me, I'd go to a bookstore or library and read up on real estate and investing. You want to understand the market. Yuo need to know what a good price is for a house. You need to know what kind of financing to get and what kind to avoid (i.e. interest only loans). You need a financial plan -- how will you pay the mortgage payments if your renters default & you can't evict? Or if it sits empty awhile?
Also a good business or real estate course would help you alot. You can get business classes at your local community college. Real estate classes are offered at some realtors' offices.
Best of luck to you!
2006-08-21 07:25:30 · answer #1 · answered by Funchy 6 · 0⤊ 0⤋
Many buyers don't realize how many different loans exist to assist them in buying homes with little or no money down or with very low monthly payments and interest rates. Each program has it's own qualifications, and you may not meet the qualifications for any particular program. CENTURY 21 Keim Realtors has an exclusive program called the "Home Finder Service" which they use to help them find the best programs available for their clients. If you're considering buying a home and would like to find the best mortgage programs available, call Century 21 Keim at (610) 395-0393.
The most difficult to find loan programs include: (Disclaimer: Loan programs are fluid and constantly changing. These programs are available as of the writing of this document and subject to changes as they occur. Loans are also only available to buyers who qualify for the program!)
No Money Down Programs - Many programs exist with low or no down payments. Several different banks have versions of CRA Programs (Community Reinvestment Act Programs) with little or no down. Other loans include a variety of FHA programs, Guaranteed Rural Housing and Veterans Loans. While these programs allow buyers to purchase a home with very little money out of pocket by financing the majority of the price, they often have higher interest rates than other loans. Additionally, buyers must have decent credit and stable work histories. If a buyer has had a recent bankruptcy or a poor work history over the last 2 years, the buyer may have to apply for "B" or "C" lending for people with Impaired Credit. These loans require much more money down and higher interest rates. A good rule of thumb is the worse the credit, the more money the buyer needs up front. Even in higher price ranges, you can purchase homes with zero down using specialized financing packages available. Call Century 21 Keim Realtors at 1-800-648-4421 for options!
-Low Interest Rate or 1st Time Home Buyer Loans - Special loans exist for first time home buyers that allow these qualified buyers to purchase a home at a reduced interest rate. These include PHFA loans. These loans generally have income restrictions and strict qualification guidelines.
-Impaired Credit or Self Employed Programs - Many buyers with unstable work history or poor credit situations can purchase a home. The loans typically are at a higher interest rate and often require a substantial down payment. Some sellers may be willing to hold some of the down payment as a purchase money mortgage, allowing the buyer to purchase the home with less money out of pocket at settlement. Often these higher interest rate loans can be refinanced in 1-3 years by qualified buyers to bring the rate down.
Please remember that no loan is guaranteed and you must qualify for any particular loan. For more information, call Century 21 Keim at (610) 395-0393.
Or Prequalify over the phone with no obligation by calling 1-877-846-6969!
2006-08-21 14:23:38 · answer #2 · answered by IM THE GAY GOD ALL FEAR ME 5 · 0⤊ 0⤋
First you need a lic. so call your state and they can tell you were to take classes to get you real estate lic. Then you can always buy on forclosures or auctioned houses for little money and flip them.
2006-08-21 14:21:59 · answer #3 · answered by Anonymous · 0⤊ 0⤋
If you're a first-time home buyer you can get a house with little or no money down. Check bank and mortgage Web sites for info.
2006-08-21 14:20:57 · answer #4 · answered by Troy S 5 · 0⤊ 1⤋
Ask Fred Estare.
2006-08-21 14:21:29 · answer #5 · answered by Anonymous · 0⤊ 1⤋
Be careful. There are lots of "get rich quick" plans that people will be glad to sell you, but you know the old saying, if it sounds too good to be true....
2006-08-21 14:20:26 · answer #6 · answered by Elle 6 · 1⤊ 0⤋
those seminars and books are mostly scams .
nobody is giving anything away for free !
2006-08-21 14:21:08 · answer #7 · answered by BIGG AL 6 · 0⤊ 0⤋
Stay away from Carlton Sheets. He is a total FRAUD!!!
2006-08-21 14:21:00 · answer #8 · answered by elw 3 · 1⤊ 0⤋
dont give up your day job..do you really think anyone would be stupid enough to deal with a broke looser like you over a property deal
2006-08-21 14:20:11 · answer #9 · answered by Anonymous · 2⤊ 1⤋
see your local banker.
2006-08-21 14:20:17 · answer #10 · answered by anonymous 4 · 0⤊ 1⤋