Xiao C
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Depending on where you are. $5k is more than enough to secure a home in where I live, Indianapolis.
In most cases, you can secure an option to purchase contract on a certain property for less than that. It is where you secure a property at a price and then sell the contract to another buyer for a higher price. Notice where I said sell the contract, but not the house. Because that would be illegal without a real estate license.
Also, if you have good credit then you don't even need the 5k. You can do what I did when I first started investing. I had excellent credit and I had a few unsecured personal line of credit totalling 50k. I purchased the property(in distress) using the money from my line of credit and refinance the property with a mortgage after fixing up (hiring out). Then you can either rent or sell the property. This is a great way to get started.
You can also go to hard money lenders to finance your purchase and repairs, and then pay the lenders back with proceeds from the sale or the refinance.
Good luck! |
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>>Phoenix<<
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You could go in with other investors on rental property that has become run down & fix it up yourselves.
You could be getting your money back many times over in a short period of time. |
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wizard
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YES, you can buy a property, in Florida though may be difficult.
Use the $5,000 towards your closing costs on a NEW construction property. The builder will also contribute "points" (which is $$$) to help you close on a property. Typically they will match your 5K, if not offer even more. Builders do this to help people purchase their homes. It's best to start looking now because builders offer excellent year end incentives to avoid paying taxes. Good credit and a 2 year job history may be helpful... Bottom line is that you can easily get into your first home, just go talk to a builder or call a real estate agent for assistance. |
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M
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Go to the court house and request the list for property with back taxes. |
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go_lc_bears
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There is a house in town here for 4500.... You might as well tear it down and build a new one though.
5000 down will you get you a 25000 house.. Still not very helpful in most areas of FL. It's also very hard to get a mortgage for less than 50k.
Find a 2-4 unit building for sale and offer the owner 5000 to put it on land contract with you. Let the tenants make the contract payments until you can afford to refinance it. I bought my first property for 3k this way, and now have 2 properties completly paid off, and have bought or sold 3 properties in the past year alone. |
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schwildcat1977
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do you have good enough credit to get some financing??
If so - use your $$ for down payment and see if you can finance the rest.
as far as finding something - idk on that. |
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LoFlo
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Talk to a realtor. He can advise you as to how to look into different types of loans, the availability of properties and whether it would be worth your time to look into distressed properties. Don't know if you have many HUD homes in your area - that's something to ask about. Go online at realtor.com and look at what's out there. If you're thinking of buying a new home, see if there are association dues and supplemental taxes like Mello Roos. Seriously though, talk to a realtor, or two! These are good times to be thinking of investing in property. Good luck! |
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Terry S
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Keep saving.
You should have at least 6 months living expenses saved before you buy anything.
6 months of living expenses with 5 grand is less than 1,000 per month.
As Aerosmith sang many years ago:
Dream on, dream on, dream on, until your dreams come true.
Keep saving and when you get 10,15,000 saved then start looking for property but not until then. |
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kimmy3
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............yes a suggestion. Keep saving. |
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Pure Genius
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you could use that 5,000 as a down payment on a home or condo...first thing i would do is contact a mortgage lender and get prequalified (this will tell you how much you can afford) contact a realtor and start house hunting, a condo is a good starter home.. found some great home buying information that i think will help, its not for your area but its very useful.. good luck
http://www.stevemarowitz.com/
http://www.stevemarowitz.com/RealEstateTips/HomeBuying/Default.aspx/NF=1 |
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chris the critic
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Save up alot more |
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Hillbilly6298
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Send the 5K to me. I'll invest it for you. |
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starglowshady
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your gonna have too start saving more then that .... |
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kj3044
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If you're looking to purchase a home, then you can only get property around $50,000 unless you have great credit where you can get %100 financing. |
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sferra23
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you might need a little bit more money for flordia |
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YahooUserElite
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5K nothing just by my rims I have for sale |
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nlkb_82
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Buy Your 1st Investment Property Or Get A House Of Your Own In 10 Days Guaranteed! All With No Money Down, No Credit Check, No Job Check!
http://070882.paid2buy.hop.clickbank.net/ |
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givingvoice2003
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i have some swamp land in Florida I could hook you up with! |
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neopuppyblew
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cant really buy anything |
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mr. y
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trailer park is right.no you can buy houses with no money down so with that much to give some bank out there will gladly take your cash.if you buy rental property your going to have to deal with people paying you and the upkeep on the property.if a pipe in it leaks it has to be fixed right away as for of it was your own house you could let it leak for a while.just buy your own house and enjoy the weather down there |
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darkmushroom95
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trailer park or apartment, got any friends? u could live w/ them and save up |
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jay K
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hahahahahaha. wat r u planning on buying, a box in the hiltons.lol. ten grand cant get a good one bedroom apartment as a downpayment so ill be surprised if u get one for 5 |
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Neutron
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Save money for another year or so. also take in consideration that constructing a house can bring hidden cost like. plumbing and electricity. I don't mean just in the house depending how remote this property is you might have to extend these services up to the property. $$$$$$$$ I would go with a condo live it for 5 years to build equity, sell it. Then think of of a house. Patients is a virtue. |
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Debt Free Dale
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Actually you can still buy with nothing on a FNMA my community program. A seller can pick up all of your closing costs as well. This should explain everything.
http://getprequalified.com/article/104754/real_estate_buying_a_home/i_want_to_buy_a_house_but_i_don_t_have_any_money.html |
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ThinkingMachine
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Well you might want to save a little more and remember do NOT vote for a Democrat . If you do Democrats will take half of it! This is not a joke !!! |
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Mrs Brush
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Not to be rude but $5,000 isn't a lot of money when it comes to real estate. I don't think you could even buy an acre with that. |
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hockeydude11
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two words: Trailer park |
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