I just finished Dean's book and probably should re-read it to make sure that I fully understand everything in it. I am new to this whole thing so I apologize if I am doing something wrong. I am a Tax Accountant and I make very good money, but the hours I work are ridiculous and I have had a horrible quality of life for the last 10 years. I am finally ready to settle down and start a family and really want to have more time to spend with them. Given the economic situation in this country right now, I think there are some tremendous opportunities in real estate right now and can't wait to get started. Unfortunately, because the banks are in such bad shape, they are not as willing to offer financing as they used to be. I would really like to buy 1-4 family homes and rent them out until things start to pick up. What is the best way to go about financing these types of properties? I live in North New Jersey and the homes are so expensive and I really don't have the money to put down on them. My credit is okay, but nothing great.
I was also wondering if anyone has had any experience in tax sales in New Jersey? If so, what is the process and are you on the hook for any other liens on the property or do you get the property free and clear?
Sorry one more question - If you find a property and have the assignment clause in the contract but are unable to find a buyer within the time period, what happens? Are you forced to buy the property?
Sorry for all the different questions, but any help would be greatly appreciated.
Questions about financing real estate in todays economy