Something slightly different from the usual threads here.

Is there anyone out here in real estate investment or anyone that knows a lot about it?

Arju and I are looking into this very seriously.

I'm reading lots of books atm. Is there anyone here who has done it or is looking at doing it very soon?

- The Jake

TTT

Come on Tony... I know for a fact you got *some* expertise in this area....

- The Jake

Dont invest now. Unless you have money to lose. But where are you looking at?

I am looking at investing in property. I am examining all options from condos, to houses to tax liens.

- The Jake

Originally posted by kcfman
Dont invest now. Unless you have money to lose. But where are you looking at?


Why not right now? Rates are low as ****...

Where in particular are u looking at? I mean location, city...

I owned a house for 6= years and just sold it.

I can tell you it is a buyers market right now, and intrest rates are awsome

Talk to tony.

GIVE ALLISON SOME CREDIT!!!

Talk to Allison.

No, Tony is the man.

what about me?

What about bob?

Get it, what about bob...the movie...you know? ah **** it.

<---- has investment properties.

jake i already told you 2 that i'd help you out.

step 1: find out what areas you want to live
step 2: we see what you can afford
step 3: don't worry about it. one step at a time

there's never a bad time to invest in california but it's not smart for 1st time homebuyers to come in thinking they're gonna just pick up a fat investment deal at a tax lien sale. it's not gonna happen. not unless you got an extra $100K laying around in cash.

ask me your questions and i'll give you your answers.

I was going to investigate for starters buying one lien.

I don't care if the owner defaults on the property, I'm just interested in the interest on liens anyway.

As for buying property, Arju and I were gonna look at condos probably as our first option, get together a deposit, buy it and lease it out.

Then use the equity we have in that to buy another property and go from there....

- The Jake

i'm kinda unclear on what you're saying in the 1st two sentences. it sounds like you're looking to take over/assume payments on existing liens for various deals. i would stay away from that. it's the biggest ****in hassle.

now on your condo issue, it sounds like a good gameplan to me. however, on 1st time homebuyer programs, you're not supposed to rent them out, so don't let know about it :ghost:

down payment-wise, we'll i'm thinking we can do 2 different deals. you can put 3% down and cover your closing costs (anywhere from 2.5-4.5% of the purchase price) and i can lock you in somewhere between 6.325-6.625% 30 year fixed, zero points (depending on the market rate when you open your escrow).

now if you guys can't save up enough for the down and closing costs then i can get you into a 104% financing plan. this covers your down AND the majority of closing costs. in the end, you probably won't need more than $1000 or so bucks!!

as far as using the equity to buy another home.....good, but there's a smarter way to make some serious cash in the real estate AND get yer dream pads. it's kinda under the same theory as playing monopoly :devil

if you're interested, lemme know and i'll explain that one too.

for now, go to www.realtor.com and do some property searches. it's pretty user friendly and you can narrow down what you want, where you want, and how much it'll probably cost.

once you did that then pm me both of your full names, addresses, and social securities if you want us to check the credit. if the credit checks out, then we make sure the income will check out with the proposed value you're looking for. if so, you've got a pre-approval and can start house-huntin whenever you want.

lemme know if you got any questions and i'll give you answers :)

Well I was looking at two seperate possible investments:

tax lien certificates -
they aren't done in California but they're done in something like 32 states or some ****.

Basically you pay the government money now that the home owner owes on back taxes that it needs now. This could be anything from $100 to $1000 or more. It varies.

In exchange for giving the government money right now, it basically charges the homeowner exorbitant amounts of interest (just for an example, in Michigan, it's 10% on the first year and 50% interest in the second year!!).

The homeowner then has to pay you back the money you paid + interest. If eventually they don't pay and they default, you get a house.

I've looked into this a bit, it looks like a pretty easy means of investing really.

The other was getting an investment property with the purposes of investing. But yeah, check your PMs. :)

- The Jake

Thanks a bunch Tony. :)

You Jake and I will have to talk soon. I mean on the phone, not the net......

no prob arju. jake, i'm about to tell you how to make $$$ the right way. don't do it off of other people's hardships bro

TTT