I could use some critique on my plan. I feel like I am looking at it all wrong.
First off my ultimate goal is to get into multiplexes. Here's the plan how: Sorry if the who/what/when/where/how setup is strange, but it works for me.
-------------------------------------------
First step:
What? Purchase my own home
Why? Provide enough equity to finance my first multiplex.
How? -Purchase a foreclosure or bank REO with at least 30k-50k equity. I will be working with some previous investors and can fairly easily find one with 30k equity.
-Start by building my credit for a better 30 year fixed mortgage rate. (still researching my best loan options.)
-1-2 credit cards. Pay only certain bills with them and pay them off every month. Look at building credit lines as well. (My current credit is 720, and I am still clearing some identity theft issues, but have most taken care of)
- Pull out a small loan. $2000 or less.
- Get more tips from creditboards.com
- Talk to a broker asap and start working on a good loan deal. Find out what I need to do to improve the interest rates. Interest rates as low as 5% right now. I also have VA loan options.
- Save up during the 6 months for possible money down. Look into ways to reduce the amount required for a down payment.
-Read Robert Allen “Nothing down for the 2000’s.
- ?
When? 6 months. Aug 08. Purchase when my apartment lease is up or slightly before. Begin looking at the 2-4 month point. Start talking to a broker now.
-----------------------------------------------------
What? Purchase 8-15 plex. ~$400,000-$800,000. To finance midsize apartments.
Why? Provide enough equity to get into midsize apartment.
How? - Locate an area poised for growth based on Volluci’s principles.
-Contact apartment broker
-10% down, 10% seller carry back. $40k-$80k down.
-2-3 Investors
-Berges principles on improving properties
When? 9 months to 15 months. October 08-April 09
-----------------------------------------------------
Is this plan slow lane thinking? I feel like I am missing some options here. Heck this plan doesn't even feel well thought out even though its a rough draft. I currently have 9k to invest and hope to have around 40k after my house purchase. I beleive it takes 3 months before you can tap into the equity on your house. Some of the equity I pull will build a cushion to pay its self. I will be able to afford both, but it does give me a holding tank.
I plan to use a combination of Vollucci and Berges principles. First locate an the area (lots of research ahead of me, but I am currently tapping into references recommended).
Finally I am looking in tenant in common for my first apartment. I haven't the foggiest clue how to even find folks interested in TIC purchases since you can't advertise them.
Ive kinda run into a mental brick wall here. For those curious, yes I am still flipping houses for cash, but that is limited at best. Apartments have been my long term goal all along.
First off my ultimate goal is to get into multiplexes. Here's the plan how: Sorry if the who/what/when/where/how setup is strange, but it works for me.
-------------------------------------------
First step:
What? Purchase my own home
Why? Provide enough equity to finance my first multiplex.
How? -Purchase a foreclosure or bank REO with at least 30k-50k equity. I will be working with some previous investors and can fairly easily find one with 30k equity.
-Start by building my credit for a better 30 year fixed mortgage rate. (still researching my best loan options.)
-1-2 credit cards. Pay only certain bills with them and pay them off every month. Look at building credit lines as well. (My current credit is 720, and I am still clearing some identity theft issues, but have most taken care of)
- Pull out a small loan. $2000 or less.
- Get more tips from creditboards.com
- Talk to a broker asap and start working on a good loan deal. Find out what I need to do to improve the interest rates. Interest rates as low as 5% right now. I also have VA loan options.
- Save up during the 6 months for possible money down. Look into ways to reduce the amount required for a down payment.
-Read Robert Allen “Nothing down for the 2000’s.
- ?
When? 6 months. Aug 08. Purchase when my apartment lease is up or slightly before. Begin looking at the 2-4 month point. Start talking to a broker now.
-----------------------------------------------------
What? Purchase 8-15 plex. ~$400,000-$800,000. To finance midsize apartments.
Why? Provide enough equity to get into midsize apartment.
How? - Locate an area poised for growth based on Volluci’s principles.
-Contact apartment broker
-10% down, 10% seller carry back. $40k-$80k down.
-2-3 Investors
-Berges principles on improving properties
When? 9 months to 15 months. October 08-April 09
-----------------------------------------------------
Is this plan slow lane thinking? I feel like I am missing some options here. Heck this plan doesn't even feel well thought out even though its a rough draft. I currently have 9k to invest and hope to have around 40k after my house purchase. I beleive it takes 3 months before you can tap into the equity on your house. Some of the equity I pull will build a cushion to pay its self. I will be able to afford both, but it does give me a holding tank.
I plan to use a combination of Vollucci and Berges principles. First locate an the area (lots of research ahead of me, but I am currently tapping into references recommended).
Finally I am looking in tenant in common for my first apartment. I haven't the foggiest clue how to even find folks interested in TIC purchases since you can't advertise them.
Ive kinda run into a mental brick wall here. For those curious, yes I am still flipping houses for cash, but that is limited at best. Apartments have been my long term goal all along.
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