New member, any feedback wanted

[Chad Kes]

Hello everyone,

My name is Chad and I am 22 years old and I am very interested in investing and plan to make a move within 6 months. I have been reading BP for a while but have never posted anything. I must say thanks to everyone on here, the information on this website is by far the most helpful I have seen. I am writing to simply get any feedback that anyone could provide in regards to my plan to get started. Also, to maybe learn about problems with my plan that I don't know of.
I plan to buy a FC home here in Florida for around 30k. I'm looking for a 3/2 home that would need about 25-30k in repairs. I am thinking that I will then try to sell the house for around 100k-110k. I am currently in an apartment and I am thinking that if I cant sell the house, I can look to either rent it out, or move into it myself until I can sell it. I have pretty good credit, and have been prequal'd for a loan before. Here is what I am not too sure about, I think I am going to get some type of rehab loan (i've read some about a 203k rehab loan). I am wanting to get anyone's thoughts on the best way to finance this investment and the different options I have.

Again, thanks in advance for any help at all!

[Ryan Burns]

Hi Chad,
I have looked into the 203 k and some things to consider. I personally wanted to do the work on the home myself but with a 203 k you have to get estimates from approved contractors and the money is paid out in stipends as the work on the house is done in segments, with periodic inspections of the house. Obviously there are pros and cons but I absolutely wanted to use sweat equity to increase my profits. Good luck and welcome from another new member/long time reader!
Ryan