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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Re: Suggestions, best path to take......new as Realtor, have 275K home....Very Interested in ForeClosures! Posted by Travis-CA on May 24, 2003 at 10:44 PM In Reply to: Suggestions, best path to take......new as Realtor, have 275K home....Very Interested in ForeClosures! posted by R. M. on May 24, 2003 at 8:19 PM : Hello all, : Would like to request info and suggestions about our situation. I've been unemployed since Nov. '02 and have always worked in Mfg Management w/Bachelor's degree and 17 yrs. experience. Looking for a big career change! : Recently was offered position with top real estate office in town nearby with 20+ yr. experienced broker couple, whom I know. Agreed to become realtor with them and will take exam by end of this month. I've relocated a number of times previously, and am very confident in my ability to be successful in this. : However, we are considering the sale of our 275K home, 5 Bdrm, 5 acres, pool & decks, etc.... which has location, location, location. We have more than $100K equity in it and have no credit bills outstanding. Prefer to stay in our home if possible, but would sell in a heart beat if thought it could launch us into the ForeClosure Business. Our credit history is outstanding. Very much interested in learning what plan of action you might recommend/suggest for my getting into ForeClosures. : We can possibly afford to stay in our current home (if it would be best to have the equity behind us), or we could sell it but unfortunately not be able to purchase another home since we are no longer employed, thus being approved for a mortgage would be impossible. However, we'd have $100K in the bank if we were able to sell it. : Do you see my quandry? I wonder how to invest into real estate, especially if I were the licensed realtor, am computer savvy, have time to do the leg work, have somewhat extensive background in refurbishing homes (wife wallpapers & has eye for design and two nearly teenage boys to help) and know that I could learn the ropes, whatever it takes.... : My goal is to become debt free, own my home without a mortgage, pay for our two sons' college, travel and retire early! I know that from reading messages from this discussion board, I am capable of it. Please advise!! Any & All ideas welcome & requested!!! : Regards, : R.M. I am just a begining investor myself, but from the research I have done and from everything I have heard, the best way to jump into this business in todays market is to buy from the owner prior to the sale. You won't need nearly as much cash as you would when buying from the trustee's sale, and you dont need credit like you would if buying from the bank after the sale. Use the search feature on this message board, check out stuff like "started" "getting started" and read the archived articles there is a whole wealth of information on this site, Also a book with alot of good information you should read is "Flipping Properties" by William Bronchick, it's on amazon.com for less than $14. You didn't mention what area you are in, but check for local real estate investment groups, you need to network with people that are in the same business in your area, you should also attend the local trustee sales, I have been attending the sales in Orange County, CA for the last 2 weeks and met tons of people in the business. If I were in your shoes, I would not give up your home so easy, especially if you feel you will not be able to qualify to buy another anytime soon. My suggestion is to look for a home equity line of credit, even if you only asked for 50K it would still put you just a tad over 80% loan to value, and you mentioned that you have outstanding credit history, this way you only pay when you use the money, and you still enjoy the benefits of home ownership. Use this credit line to do your first deals. Hope I have been of some help Travis Follow Ups: Post a Followup: Name : E-Mail : Subject : Comments: : : Hello all, : : Would like to request info and suggestions about our situation. I've been unemployed since Nov. '02 and have always worked in Mfg Management w/Bachelor's degree and 17 yrs. experience. Looking for a big career change! : : Recently was offered position with top real estate office in town nearby with 20+ yr. experienced broker couple, whom I know. Agreed to become realtor with them and will take exam by end of this month. I've relocated a number of times previously, and am very confident in my ability to be successful in this. : : However, we are considering the sale of our 275K home, 5 Bdrm, 5 acres, pool & decks, etc.... which has location, location, location. We have more than $100K equity in it and have no credit bills outstanding. Prefer to stay in our home if possible, but would sell in a heart beat if thought it could launch us into the ForeClosure Business. Our credit history is outstanding. Very much interested in learning what plan of action you might recommend/suggest for my getting into ForeClosures. : : We can possibly afford to stay in our current home (if it would be best to have the equity behind us), or we could sell it but unfortunately not be able to purchase another home since we are no longer employed, thus being approved for a mortgage would be impossible. However, we'd have $100K in the bank if we were able to sell it. : : Do you see my quandry? I wonder how to invest into real estate, especially if I were the licensed realtor, am computer savvy, have time to do the leg work, have somewhat extensive background in refurbishing homes (wife wallpapers & has eye for design and two nearly teenage boys to help) and know that I could learn the ropes, whatever it takes.... : : My goal is to become debt free, own my home without a mortgage, pay for our two sons' college, travel and retire early! I know that from reading messages from this discussion board, I am capable of it. Please advise!! Any & All ideas welcome & requested!!! : : Regards, : : R.M. : I am just a begining investor myself, but from the research I have done and from everything I have heard, the best way to jump into this business in todays market is to buy from the owner prior to the sale. You won't need nearly as much cash as you would when buying from the trustee's sale, and you dont need credit like you would if buying from the bank after the sale. Use the search feature on this message board, check out stuff like "started" "getting started" and read the archived articles there is a whole wealth of information on this site, Also a book with alot of good information you should read is "Flipping Properties" by William Bronchick, it's on amazon.com for less than $14. You didn't mention what area you are in, but check for local real estate investment groups, you need to network with people that are in the same business in your area, you should also attend the local trustee sales, I have been attending the sales in Orange County, CA for the last 2 weeks and met tons of people in the business. : If I were in your shoes, I would not give up your home so easy, especially if you feel you will not be able to qualify to buy another anytime soon. My suggestion is to look for a home equity line of credit, even if you only asked for 50K it would still put you just a tad over 80% loan to value, and you mentioned that you have outstanding credit history, this way you only pay when you use the money, and you still enjoy the benefits of home ownership. Use this credit line to do your first deals. : : Hope I have been of some help : : Travis Optional Link URL: Link Title: Optional Image URL: [ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] WWWAdmin 2.0a © 1997 Matt Wright and DBasics Software Company, All Rights Reserved

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