Just wondering if anyone here is into the realestate business and what not. I'm planning on taking classes. My mom is just starting as well and is investing and what not and I want to know how hard it would be to start. I heard in some facts that you don't need to have a downpayment to move into a home is this true? Any information helps.

 

im studying real estate but most of what i learned is from the real world and my job. no you dont need a down payment but yes will will need money to cover closing costs.

you can use your W2 for getting a home loan (usually income x 3 = home value) or if you are a commissioned/non salary person you can go with a stated income(w/ a slightly higher rate) but a stated income is also good if you want to purchase a home you really cant afford and you can get roommates and lower the rent.

IMO it is not wise to put down a huge down payment for a home. yes it will lower your monthly but the way i see it you can take your 30-40k+ down and put that into a business or another home's closing costs and build equity.

 

hmm good food for thought. Thanks Dave. I would really like to get a home in the next year or so and I plan on saving up maybe 20-30k or at least get a loan for that much but like you said it's not wise to do so. So what I don't understand is if I'm putting my 20-30k or whatever it is, how is that going to gain me in any profit at all? I'm not to clear on the equity thing. If I were to get a home loan for a house or whatever, can't I just get a home loan for 30k and then get a house and then refinance the house later and have it paid off that way?

Ok next question. What about buying and selling homes to make a profit? How would I start out doing that and is the commission any good, I heard some people make some good money off just selling homes and living off of commission is that true?

 

read this:

http://money.howstuffworks.com/mortgage.htm