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Originally Posted by Hatterasguy
You should call a pro if you are clueless because if you screw up it is going to cost you.
Frankly if he were in my area I'd consult with him for free, but thats just the kind of guy I am.
BTW Jeff probably owns more real estate then you guys put together. I know several people with millions, one with hundreds of millions worth of holdings and I know they would laugh at the credit card idea.
Like I said you may get lucky with something like that if you are quick and know what you are doing. But its not always worth it.
Their are also legal ways of buying said house with no money down, Visa cards are not involved.  |
Huh? Now that we know you know people with millions... that's super. The fact that "Jeff" has more real estate than all of us put together is super too. The only problem is that the OP doesn't have millions.
He's a young person trying to start out, and I give him praise for that.
Yes, a guy with several million in assets would have no need to for the credit card method, which is why they would "laugh" at at. But a guy just starting out may want to steer clear of a person looking to line their pockets with his money.
There are times when you need a "pro" and times when you don't. With the internet (and the ability to read), getting a mortgage and/or cheap funds for a house is NOT one of them. There are also organizations that you can turn to for low rate loans. I know two people (lucky bastards) that have both borrowed $200K @ --- get ready -- 3.75 FIXED -- Fees? NONE. ZERO. Oh, and both those people were the types that were just starting out... NOT the types with "millions and hundreds of millons, etc."
OP, Do you home work, and read - read - read - read... and when you're done... read some more!!! Pick people's brains the best you can. Remember there are a zillion people that want to lend you THEIR money so they can make money from you... so play the competition well. Also remember, right now, they have been use to living very fat on the land since the market has been VERY good to them. Most of them are still living fat on the land and don't have the same business they did a few months ago. This is a great thing for you. Don't be afraid to negotiate with everyone from the title company to the bank. If you do an inspection... negotiate with them too (I hate the inspectors since their answer to most things is, "I don't know.")... any way...
Good Luck!
Pete