How can I get started in buying foreclosures/hud properties without a lot of money saved up? - hud foreclosures florida
My husband and I like to buy it really, foreclosures, pre-foreclosure, HUD homes and leaves preserved. The problem is that we already have a mortgage, and only about 10K in the bank. I've heard that you need money to bid for homes. Are real estate foreclosure is not a loan? I'm learning so any advice on how to finance it would be very grateful.
Hud Foreclosures Florida How Can I Get Started In Buying Foreclosures/hud Properties Without A Lot Of Money Saved Up?
3 comments:
Reality Check. You can not.
You need to have access to funds, either sell or bank or hard money lenders. Homes cost money.
Your only option is to throw a funding agreement with the owner if the owner is essentially your lender.
I would go see in the library and real estate. There are all sorts of books on the subject. Read, learn and go for it!
I suggest you re-buy your first house and use the proceeds to meet again and again and continue to do so until it is enough to buy two houses.
You need from house to house for a while, but eventually you will have enough money to buy two houses (one for live and one for the trip)
Of course, you need to concentrate on your first home, for now, and pay the entire debt to the bank so you can scroll.
You can not start a company car used $ 10,000.00 for each vehicle is not considered a cost of $ 2500.00 on a real estate company, with each house costing more than $ 100,000.00 to mention
In some cases you will pay anything over $ 10,000.00 in legal fees to keep legal costs, paperwork, and many other costs.
I suggest you reduce your running costs by half and increases the savings $ 20,000.00
I suggest you open a brokerage account at Scottrade to on the stock market with the help of a portfolio manager, how I invest, or financial advisor.
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