New to Investing

**Jayp1** · 06-26-2008, 06:02 PM

Hello, my name is Jayp1. I am an Entrepreneur, Visionary and a lover of Megatrends. I am trying to break into the REO Foreclosure Market as a buyer and Investor of Properties. I am in the process of trying to get financing for a Property in Queens, New York that has my name on it. I to move fast on it.I hope to meet up with like minded people who can help me navigate this new uncharted world.

**AustinBroker** · 07-05-2008, 09:32 PM

Good luck man! I recall the words of a wise man I met when I first joined the real estate brokerage community. Do you know how to make a little money in real estate? Start with a lot! I hope ya got a lot. And best wishes my friend.

Joe Cline

**guraysunil** · 07-06-2008, 08:10 PM

Funding deals:
To get your deal completed you need funding. And in convincing sellers to finance your property you may pride yourself. But, one thing must be kept in mind that all sellers won

**Aprilwms** · 07-06-2008, 11:11 PM

Originally Posted by Jayp1

Hello, my name is Jayp1. I am an Entrepreneur, Visionary and a lover of Megatrends. I am trying to break into the REO Foreclosure Market as a buyer and Investor of Properties. I am in the process of trying to get financing for a Property in Queens, New York that has my name on it. I to move fast on it.I hope to meet up with like minded people who can help me navigate this new uncharted world.

I think what guraysunil is saying is to shop a few lenders. Dont jump in until you know your have a good hand. In my market, values have declined as much as 35% over the past 12 months, in some neighborhoods, 10% decline in just the first quarter of this year. That's pretty severe, but make sure to take a close look at the Queens market. What is the rate of decline? Do you plan to rent it or flip it? If you think your going to flip it, you must be getting a heck of a deal. If you plan to rent it, make sure the market rents will cover ALL your expenses, with a little wiggle room for rent loss/vacancy. I just talked to a so called investor last week about his 10 "investment" rentals in Houston, they only cost him $230 a month each! Make sure it cash flows, or it's not an investment.

**proleads** · 07-07-2008, 12:18 AM

WC to RE Forum Jay...

Have a nice stay, and w'll have good chat all around the board.

Regards,

Projectsandleads

**jvcus17** · 07-07-2008, 04:27 AM

Jayp1 welcome to the forum, keep on posting enjoy your stay here..have fun and god bless..catch you in forums..

**wchua24** · 07-07-2008, 04:44 AM

hi jp1 welcome to real estate forum..prepare yourself for a good stay here at the forum there are allot of proffesional people here to talk to...that surely you will enjoy..

**stacy99** · 07-09-2008, 10:50 PM

Hi, Jayp1! Like the way you called yourself an entrepreneur, visionary, and lover of megatrends.

Welcome aboard!

**JustinBartlett** · 07-12-2008, 03:38 PM

Welcome to the forum. Definitely shop around with lenders; but don't over shop or the inquiries will adversely effect your credit. If your truly serious about gobbling up investment properties, look into a blanket loan; be careful also not to over extend yourself, I would suggest having 6 months PITI liquid for all of your properties God-forbid anything every went south.

Best of luck,

~Justin~