I've never owned anything, so I don't know where to begin.  Getting loans from whom?  Will am American bank give me a loan for property in a foreign country, etc?  I think my plan is feasible, but very complicated and I don't know where to begin.  I want to make this dream a reality.  Can someone point me in the right direction please?
125520
I say go for it!\n\nHostels are the way forward, but if you're going to setup a Hostel you need to know what your competition will be in the area! Here's what i could find: http://www.hostelmania.com/HostelCountryList/EUR/En/bg/hostels-Bulgaria.aspx\n\nMarketing yourself online, hookup with agents to sell your beds and everything should start going your way!
157642
♡I take it you're not living in Japan? The best thing for you to do is to contact a Real Estate Agency in the area where the property you inherited is located. Once you engage their services they will handle all the details for you. (If you do NOT speak Japanese, please take a Japanese speaking person with you to avoid any misunderstandings on your part. That way, everything will go smoothly and as you would expect.) I would suggest you have all the proper documents in order. You may have to actually be here (in Japan) to do this as your hanko, or signature, will be required with proof of ownership and valid ID (and so on) before anything can be done. You can pay the company a fee to carry out and complete the sale of the property with your final OK on the selling price. They will also take their percent of the sale. Keep in mind, the sale could be quick or take a long time depending on the type of property, location, condition... You may have to be in Japan for the finalization of the sale as well. You can then advise them as to how to deposit or transfer the funds to your account. Please note, you will have to pay a tax on inherited property in Japan, but it's not as much as you would pay on a "gift tax". You may want to set up a bank account in Japan since the money will be in Japanese yen. You'll want to exchange it, I guess, so a bank would be your best bet. I don't know what country you're in but be sure to check the guidelines for transferring money from one country to another so that you avoid any legal and tax problems.  Check the English sites below for a little info on real estate in Japan. Hope this helps you. Good luck to you!♡
176286
Unless you are planning to emigrate to the Caribbean, I suggest you get a mortgage in your Country of residence. You may loose a substantial amount of money over the years on currency exchange (if applicable) or at least with money transfers. Also, as a non resident you may end up paying much higher rates that you normally would in your home country. Good luck!
155876
It is possible to own property in many countries. Best thing to do is find a real estate attorney in the country where you want to buy this house. It will cost you alittle bit more, but you will know that you are following the rules.
16616
I could write an entire paper on this subject.  However I'll give you a few tips to get you started.\n\n1: Those who understand interest collect it.  Those who don't pay it.  There are things in life that you must take out a loan in order to obtain, and it is even a good thing for certain things such as a house.  However most items you should make payments to yourself and then purchase it.  You can save an incredible amount of money by doing this.  For example; get by with the old clunker car you have and instead of paying the bank $500 a month for a new one, save it in an interest bearing savings account until you have enough to pay cash for it. Same goes for the toys. If you want a new 48" HD flat panel TV, make payments to yourself until you have enough to purchase it. DON'T get the loan.\n\n2. Start putting  money in interest bearing fund.  An IRA (individual retirement account) is an excellent choice.  Do not worry if you can not afford to put away much each month.  If $10 is all you can handle that is fine, the important thing is to start.  If your place of employment offers a 401k, you should definatly take advantage of it.  Many times they will match a certain portion of your contribution, which in a sense is a payraise.  ALso by putting your money into such funds you can't just go to the bank and draw from it which is a good thing.\n\n3.  Whenever you get a payraise, or take a different job that pays more, you should save most of the raise rather than spend it.  You have been getting by with the old salary and are use to it. At least save half of the raise.\n\n4.  When you start saving it will seem that your savings are not growing very fast.  But you will be surprised a few years down the road just how much it begins to grow.  If you have a $100 dollars in savings an earn 7% interest on it in a years time you have made only seven dollars.  But  the more you save the more that 7% means. When you have $100,000 dollars in your accountd that 7% equates to $7,000 dollars.\n\nEven people with meager incomes can become independently wealthy over time.  Just don't expect it happen overnight.\n\nI have been saving for 16 years now and my net worth is now slightly over a million dollars.  When I started saving my yearly salary was about $24,000/year.  It is currently about $70,000.  So you see I don't make an extreme amount of money, but I have been able to save a fairly good amount.  It can be done, it just takes perservance.\n\nBest of luck!
460353
Create business plan. It must include projections for at least 2 years.\n\nMake sure you have 20% - 30% down payment\n\nMake sure you have collateral. The following is the formula to calculate collateral:\nCollateral = (Personal Real estate value*0.8 – Mortgage) + Commercial Real Estate Value * 0.8 + Equipment value *0.5 + Inventory *0.1\n\nMake sure your credit score is 680+.\n\nMake sure you have relevant experience. Banks will never finance career change.\n\nCollect all necessary financial documents:\n1)Personal tax returns for the last 3 years\n2)Business tax returns (for existing business) for the last 3 years\n3)Profit And Loss statement year to date\n\nCall your local banks. Ask if they do SBA loans.\n\nWhile choosing bank, keep in mind that banks are specialized entities If you wanted Chinese food, you wouldn’t go to a steak house, would you? Banks are organized the same way. You will never find a bank that does all types of businesses and all types of loans.\n\nDo your homework. Call the bank, ask for a business loan officer and describe your business type and your financial needs. Try to avoid banks that will give you a general answer: “We make our credit decision on a case per case basis”. Most likely you will waste money and most importantly your time.\n\nComplete loan application – make sure there is no arithmetical errors, mistypings and all personal financial information is correct.\n\nSubmit the complete package – all documents that were requested by the loan office, in the order that was requested to the bank.\n\nGood luck,\nMarina Lando\nPresident\nBusiness Loan Quest\nhttp://www.blquest.biz
142990
WOW you packed a lot into this question!\n\n1. Real Estate investment in a primary residence is typically a good idea.\n2. You say you have okay credit.  Does that mean you owe a lot or you have some derogatory credit on your profile?  This would affect your ability to qualify for a loan from both a debt ratio situation or challenged credit issue.\n3. A rent to own, lease option, or contract of sale it typically a good way to go if your credit is questionable as you may not be able to obtain traditional financing.  You would need to find a seller willing to cooperate with this type of financing.\n4. If you buy outright a Realtor is always recommended.  There is no cost to the buyer.  The seller bears the burden of all costs incurred.\n5. If you use a Realtor they can assist you in finding a source for financing.  Generally that would be a loan officer the Realtor has an existing relationship with that can cater to your individual needs.\n6. Lastly you say you are starting a new job.  Typically a lender is looking for 2 years in the same line of work with your new earnings similar to your past earnings.  If your new job is a significant increase in pay, the lender will evaluate your ability to secure employment for the same earnings should you lose your new position\n\nI know how overwhelming all this can seem to someone who is unaware of how the process works.  Don't be discouraged.  You may contact me if you need further help and if I know the answers I'd be happy to share my knowledge.  \n\nGood Luck!
255875
hard money = hard to get and hard to pay back!  ;)\n\nSeriously, a hard money loan from hard money lenders (aka privent lenders) is a loan in which you receive cash.  Something like:\nhttp://www.cashcall.com/\n\nHere is some more info:\nhttp://www.reiclub.com/articles/finding-hard-money-lenders\n\nWhat exactly are you trying to accomplish with your 5 investment properties? If you're trying to pull money out to purchase additional homes, you might want to look into getting a HELOC (home equity line of credit). That way, you only pay back what you borrow and the interest is tax deductable. If you're trying to create positive cash flow with them, look into getting a negative option ARM (adjustable rate mortgage). There are many choices and it all depends on your investing strategy.\n\nGood Luck.\n\nRegards...
269715
Get a mortgage BROKER (this person will help you decide, based on income,etc, what type of mortgage you should consider and then, on your behalf, go out and look for a good mortgage to suit your needs.) As a first time home buyer it can be daunting to talk to different bankers/lenders - best you go to a broker - it won't cost you more...and you will get lots of help.\n\nAlso, go to the www.HUD.gov website. They have lots of information for buyers/sellers.  Realty Companies have this info but they give it their slant because they want your business, but I would go to this HUD site first and check out, at a minimum: glossary of terms used in real estate; Common Questions/Answers for FIRST-TIME homebuyers, 9 steps to buying a home; consumer information.  If they don't have it, check or google: Home Inspection(s).  The site also has info on mortgages.\n\nSome sites even have mortgage calculator - it will help you determine how much home you can afford. For example: homegain.com or similar.\n\nInterest rates are going up right now and they do not believe that it will go down anytime soon. Sales of homes are down - even in Florida especially as 1 June (hurricane season) approaches.  \n\nSuggest you check out these websites - check out a book from the library on buying a new home - questions to ask - what to be careful of.  Govt or National Assoc sites are beter to consult as they are not supporting one company over another.\n\nALSO, as it is your first homem, strongly recommend you pre-qualify before you start looking - this will tell you how much house you can truly afford.  Remember, when buying a home that it isn't just the monthly house/mortgage payment you will have to afford, but the utilities, problems that come up (that when you are renting the rental company might normally fix), taxes, insurance,etc.  So give yourself some room\n\nConsider looking at foreclosures. When making the offer asking that the seller cover closing costs or help in thema seller is motivated to sell they might accept or split the difference)  A  motivated seller is one that has had the home on the mkt a while.  Don't forget contingencies: contingent on an inspection (which you will pay and select inspector --- make sure it is a 10-point inspection - it will cost you a couple hundred dollars, but it will be worth every penny).  What will convey - if the appliances won't convey, you will have to take that into account for expenses.  If you are planning on living thre a while - school district? taxes? etc.....\n\nRealtor: make sure you get a BUYER AGENT (i.e. the agent will represent YOU and only you).\n\nGood luck and happy hunting.....and remember the realty mantra: Location,location,location
27935
This can be really complicated to answer.  Basically, you need to go where the money is.  Certainly you've made your requests clear to your current investors?  Where are their friends?  Amazing how secretive/greedy people can be when it comes to sharing (good) investment advice.  Call every bank, real estate company, mortgage company, investment group, investment company and talk to the right people.  If the returns are as good as you say, you should be able to drum up enough investors.  On the flip side, maybe the people with "money" are concerned about the housing situation; is your area getting overbuilt?  Amazing too how many contractors get myopic.  Part of succeding in business is being able to "see" changing economies and adjusting as required.  This IS a cyclic business.  If the rates don't stabalize here, people will tend to stay put.  Don't get caught with unsold spec's that you're forced to start "discounting"  I don't know where you are, but in our hot, hot market, the wise old builders are being very careful and building mostly pre sold customs.
603419
Hi,\n\nNo, it's not a scam, it's just using real estate law and thinking outside of the box in purchasing real estate. Your best bet, is to read real estate investment books and websites (like www.reiclub.com).\n\nAnd you're right, there is no way to OWN property without money (or some form of value), credit and mortgage, but you can CONTROL property without the three. You then sell the control of the property to other people or investors. You can OWN property without money and credit, but you'll need to have a mortgage because no one is going to give you a piece of property that is paid for free of charge. Here's your hint: "Assignable purchase option contracts". \n\nGood luck to you. And by the way, it's not "of course! It's so obvious!", it's more like "Oh, I didn't know such a thing existed and that's how the rich got rich?". By the time you're done, you will never look at property in the same light. \n\nE-mail me if you have any more questions.\n\nRegards
117159
This is a tricky situation, but it sounds like you will need to get automobile financing.\n\nTraditional mortgage financing requires:\n1. property be permanently affixed to property through permant foundation\n2. Doublewide preferred (FHA will do singlewides though and it's a pain)\n3. Manufactured home built after JUNE 15, 1976  --- very, very important date. I can not emphasize this more, it is the difference in classification between a mobile and manufactured home\n4. All wheels and axels must be removed\n5. Private/connected utilities and septic/sewer\n\nAnother aspect for mobiles is to consider with age is if the singlewide is over 29 years old.  This will affect the amount of insurance you will be able to obtain which might not jive with lender requirements.  Insurance Co's depreciate mobiles after 29 years.\n\nPersonally, I don't touch singlewides... they are too much work/difficult to get financing for.  But if you are purchasing one that isn't on the property already... yeah, it sounds like you will have to get auto financing.  Go to a auto dealership finance department, they might be able to help...
178813
***********************************************************\nHopefully you currently own your home now. You can use the equity in your current home as a downpayment on a 2nd home. Use the 1st as a rental. This may mean refinancing your 1st home or getting a 2nd mortgage on it.\n\nI suggest you take your first $15 bucks you can spare, go out and buy the book "The Automatic Millionaire Homeowner" by David Bach. This book alone is more than enough to get you started, even if you don't think you can. You can also check out his website at www.finishrich.com/homeowner\n\nAnd by the way, don't let others tell you it can't be done or they know someone who tried, etc. They have good intentions. They are trying to protect you from disappointment (a feeling they've experienced). So thank them for being caring enough with thier warnings. But explain that what you can really use is thier encouragement and support and that any advice they have that might help you in your efforts would be much appreciated.\n\nDon't give up. And congratulations on your thinking big.\n\nHope this helps. Good luck.\n\n***********************************************************
613659
My husband and I were truly blessed we we bought our home. There is a program called Ameridream and if you are a first time homebuyer or a minority, the government will cover your downpayment. No gimmicks or paypacks. It was awesome. We saved 5k on the downpayment. We got an interest rate of like 6% and if we did a 80/20 the rate would have been 7.5%.
328521
Look in the newspaper.  Dont go with the big appartment complexes or anything like that, they all do checks.  Find instead something like house for rent.   They are nicer biger and the landlord will take most anyone.  It cost them some money to do a check  on you.  If they do just explain why and offer to pay a bigger deposit.   Rent to own is very hard to find.   But possible.  Just search the papers and go online.\n\nYour best bet I think is to just rent, then look for homes for sale with seller financing.  They do not do checks and you dont have to get a loan from the bank, the seller does and you just pay what the seller is supposed to pay on the loan.  Those places are usally less expensive and many require some fixing up.\n\nTake your time though.  Look in  Chesapeak.  It is a nice area better than the beach cause that is too touristy in the summer traffic will make you insain.  Norfolk sucks.  Chesapeak is great though.  I lived there for a year.
119735
Well, first off you need to figure out how to get the capital so you can have cash on hand at all times to be able to buy properties when yu see them, rather than waiting on a mortgage to go through.  \n\nThe best way to start is a couple ways.  1.)  Find a money partner.  Someone that has the money on hand and make sure that his split is more than yours for the time being until you have your own money.  2.)  You could finance the first couple of homes.  I deal with a couple investors and this is how they have started.  I do these types of loans, so if you would like more information, feel free to contact me at timothy.kazee. com and we can talk about this more.  \n\nFinancing the proerties is going to be your best bet for right now.
366448
This is not what you need for success.  \n\nYou've already mentioned you're aware this "new guy" isn't proactive or responsive.  Why would you want to associate with someone who is a user and a taker?  Guaranteed, he will do the same to you.  \n\nYou don't anywhere mention how you would fund all this "traveling" and potential income.  I see alot of ifs and they don't make the mortgage payment.\n\nSit down and make a list - just a simple pro and con list of what you know.  Then make a similar list of what you don't know about this "offer".  \n\nListen to your instinct.