got some advice from an investor

got some advice from an investor

Just starting off, I am still trying to find my way to everything. Confusing sometimes. I really don't have any money at all so I can't afford a down payment or anything like that. Anyways, he was saying that a good way to get going, is to enter a first time buyers program from a bank, and buy a "ugly" house in a good neighborhood, fix it up over 6 months while living in it, then resell it for profit. While doing this, it will build up equity and I could take that out and have the money to invest in another place. He said he's got some properties that I could look at, and he is willing to sell to me if I am interested in them. To me, that does make sense, but what I am nervous bout is not getting a loan from the bank to do this.

Is this good advice? I think it is, and he sounded like he new what he was talking bout, although that could be my inexperience.

Any advice at all. And if I do do this, would it be wise to rent to someone after I do the fix ups. Of course using the equity that builds up to buy another property first so I have somewhere to live. Thanks, Marc


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