Wannabee Investor needs advice

[maxined888]

What is the name of your state? California

My desire to invest has been GREAT (especially this last year). The largest issue holding me back from investing is not having enough cash for a down payment. I've found a condo FSBO where the current owner is willing to carry back the mortgage. My credit is OK, but the LTV on my primary residence is 80%, which is why this deal is more attractive than most. If I decide to pursue this, is there anything in particular that I should be on the lookout for? What provisions should be included in the contract? What if I can't rent it out right away? PLEASE HELP!

[Ohiogal]

Originally Posted by maxined888

What is the name of your state? California

My desire to invest has been GREAT (especially this last year). The largest issue holding me back from investing is not having enough cash for a down payment. I've found a condo FSBO where the current owner is willing to carry back the mortgage. My credit is OK, but the LTV on my primary residence is 80%, which is why this deal is more attractive than most. If I decide to pursue this, is there anything in particular that I should be on the lookout for? What provisions should be included in the contract? What if I can't rent it out right away? PLEASE HELP!

You want to invest in this condo to rent it out? You better make sure that the condo association allows owners to rent the property. Some do not. Also if you can't afford to take the loss of the place sitting empty then dont' do it. In order to get investment property you have to have money to support it when it sits empty.

[MGNiko]

Unless you know how to do a Wrap Around (which is what you're talking about) you definately need legal help. I started investing the same general way a long time ago when it was easier. Many condo's will not allow you to rent, so check that first. You are best off either going with legal escrow help or paying an agent to help. Even increase the purchase price by $2,000 and hire an agent to represent you. Well worth your money, tax deductible, and you don't have a clue what your doing

[HomeGuru]

Originally Posted by maxined888

What is the name of your state? California

My desire to invest has been GREAT (especially this last year). The largest issue holding me back from investing is not having enough cash for a down payment. I've found a condo FSBO where the current owner is willing to carry back the mortgage. My credit is OK, but the LTV on my pri**** residence is 80%, which is why this deal is more attractive than most. If I decide to pursue this, is there anything in particular that I should be on the lookout for? What provisions should be included in the contract? What if I can't rent it out right away? PLEASE HELP!

**A: consider doing a lot more research**************..