Pre-approval... Now what?

Question

So just starting out and have been exploring my options about how to get money to buy my first investment property.... I'm currently living in delray beach Florida and am looking in the surrounding areas... I have 20k in the bank and just got approval from a HML for 80k, which is good but was hoping for more. I guess my question is to you, what would your suggestion be for me at this point in time? I don't think that's going to be enough money to fund a project. My father is a contractor and we would be going into this flip together. Anything helps and im urea I'll expand on the topics as the responses comes in!

Thanks :)

Patricia Newman · Answer

I just found this on Realtor.com - looks really rough and perhaps a really rough area.

It's all about location, location, location - good luck!

http://www.realtor.com/realestateandhomes-detail/2...

Connor Williams · Answer

We're going in it together as in hes doing the the cost aspect and I'm doing all the grunt work. So 100k combined I guess you could say.

RIchard Roop · Answer

@Connor Williams, when you say your father will be going in on the flip with you and he's a contractor, does that mean that he's going to be providing the materials and labor as his end of the deal?

In other words, you're bringing to the table $100k (HML + own money) and finding the deal and he's providing repairs, labor and material and you'll be splitting deal?

Aaron T. · Answer

you could find some wholesalers in your area that have properties. call some of the bandit signs in your local area or look on line.

you could also find REOs that are undervalued and try to fix and flip there.

Find a local REIA and network with those in your area, i am sure they will provide some leads as well.

happy hunting.