Getting started

[Tammy Stinson]

I am to the point that I have so much information that I don't know where to start.  I wanted to see how other people would handle the situation that I am in.  I have two properties one I bought through a tax sale and another was through an auction.  I know that I need to do something with them.  Neither of them are in great shape. the tax appraisal on one property is approximately 21000 and the other is about 15000.  There are no liens on either.   If I sale these I would have some money to reinvest into another property.  I do not have any personal income coming in at this time, other than my husbands and I don't want to use his if I can help it.  This is something I want to do. So the properties are going to have to be my avenue to some money to reinvest.  I was thinking of putting them up for sale and doing owner financing for the buyer if needed.  Or rehabbing the homes and then resale the properties however my credit is not the best.  Or tearing down the homes and putting in mobile homes for rental income.  Or doing some type of trade.  Again I am to the point that I don't know where to go.  Thanks in advance for your input.

[Scott Dixon]

Hi @Tammy Stinson 

You should probably start with establishing your goals?  Are you leaning towards becoming a buy and hold or fix and flip investor?  Be careful not to get pulled in multiple different direction when starting out.  Focus on one method of investing, educate yourself, build your network, and once you find success maybe venture to another type of investing.  

How much money would you need to put into the properties to get them rent ready?  What are the current rental rates for comparable properties in the area?

Best of luck!

Scott Dixon