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How to start in the property market with no money?

 
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Xanthia Alysha



Joined: 26 Oct 2009
Posts: 137

PostPosted: Tue Nov 03, 2009 1:37 pm    Post subject: How to start in the property market with no money? Reply with quote

While there is still some money to be made, you have to do your homework and have money. Zero-down loans are almost non-existent these days, you are going to have to come up with some sort of down payment - especially on investment property. Also, you need money to fix the place up - the way to make money is to buy a "fixer-upper" (preferably not one in a high state of disrepair). Once you have done the fixing up (new paint, landscaping, etc.), then you factor in the cost of the mortgage you carried, the original price, and any additional expenses, add profit margin and try to sell.

the problem becomes if the house languishes on the market (very possible in this economy) and you have to pay out of pocket for your mortgage for an extended period of time. The interest could catch up to any profit you hoped to make.
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