First Time Investor Questions

[MoneyNTheBank]

I finished reading up on your ebook and I enjoyed it a lot. I have long been interested in real estate and I am growing more and more tired of my day to day job. So, that means it is time to take action with my dream of owning several properties and renting them out for a living. This seems to be ideal for me and would allow for a lot of free time. If I am wrong please correct me because I have not actually done this before. Now I am looking to start with No Money Down, or Little Money Down. I was looking into HUD Housing, and see they can finance you with 0 down and get you into the home. How exactly does that work? Would I just buy a HUD home on a loan with 0 down, fix it up and then start renting it out? Is it that easy or am I missing something? I am located in Southern California (LA AREA) and housing is not CHEAP, but I am sure if I look hard enough I can find a good priced property. I am young (in my early 20s) and I really want to do this for a living. I am highly motivated and am ready and willing to listen and learn. Anyone with any experience in this field is more than welcome to chime in here and give me some first time buyer advice. I have thought about using those No Down Payment Carelton Sheets Courses but they look like they are quite expensive compared to the great information I can find here on the forum. So if anyone can point me in the right direction to get started I would really appreciate it! And hey, if you move to California I will even throw in a couple months free rent ;-). Hope to hear some good feedback on this. Thanks!

[Dan Auito]

M$B You sure can do that. If you go into the HUD program as an owner occupied buyer then those deals are open to you. The idea is to move in while you tweak the daylights out of the place. HUD ideally wants you to occupy for a year but if your life circumstances change and your payments are made ON TIME. You shouldn't have a problem renting it out, I did this 15 years ago and didn't have any problems AT ALL. If I knew then what I know now I would have bought a HUD multi-unit to start, they are much more productive and sell for more once all tweaked up! Fixer Jay Decima's great book "INVESTING in FIXER-UPPERS" is a book I would strongly encourage you to go to amazon and get, Jay lives in California too!

Hope on over and see Jay. He is the bomb! www.fixerjay.com

[MoneyNTheBank]

Hey thanks for the response. My problem is that I actually do NOT OWN my own home. I rent (ironic isnt it) a room in someone elses house. I think the HUD idea would workout great IF it will work that is. Can you give me any advice? Maybe point me to some good threads on the forum that pertain to this? I really want to get started but I do not have much money to start with here. Also, I saw they have house payments from like 232 dollars a month! But I think it will cost more once I get a loan to fix up the house, etc... How long do you think it would take to get the whole process completed and looking for tennats? Like 3-4 months? Thanks again for any help!!

PS: If there are any other ways to get property that might be easier or cheaper to me in my circumstance right now please mention! I am still learning, but loving every second of it

[Dan Auito]

M$B You can type in the subject of what you are looking to find into the search feature in the blue navigation bar at the top of the page, by typing in HUD LINKS the bulletin board searched out those terms and gave me plenty of choices to choose from, here is one that would probably interest you right off the top! http://www.magicbullets.com/forum/showthread.php?t=522&highlight=LINKS