trying to get started

[rashidi]

Hello everyone,

i'm a newbie getting started. i recently got approved for a loan (FHA). the bank (wells fargo) gave me a list of houses to look at. so of the house are foreclosures and some are just for sale. I guess my question is, should i focus on the forclosures or buy a house for sale and rent it? is there anything specific that i should look for? :roll:

[/list:u]

[pshmo3]

So Wells Fargo pre-approved you for a non-owner occupied mortgage?

What were the terms, if you don't mind me asking. I am just curious.

[tedjr]

I would start with a duplex or even a  4 plex. Find a deal where 50% occupancy will still make the payment. Houses are nice but if it is vacant you will have 0 income. The rental market sucks goght now and who knows when it will get better.

Happy Hollidays and Thank you,

Ted P. Stokely Jr
11505 Sw Oaks
Austin, Texas  78737

512-301-9171 home
512-587-6177 mobile

[rashidi]

the way i understand it is that when i find a house occupied or not they'll give me the money plus the rehab money if it's 5K or more.

by the way, the duplex or 4plex sounds nice.
thanks for the advice.