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Updated over 17 years ago,
Newport Beach California Invester Starting Out
I live in Newport Beach California bought a condo for 330,000 3 /12 years ago appraised for $510,00 last week. I was able to take out 76,000 equity. I was able to get a 25,000 dollar business loan. That gives me a total of 101,000. I would love to use this money to flip a property. My questions are:
Am I crazy to do this with the market being so soft?
Only 101,000 dollars will this be enough in orange county? I'm looking in areas such as Newport Beach, Costa Mesa, Huntington Beach close to home.
Will I have to put at least 10% down or are there other ways to get around it possibly only putting 5% or 0 down?
I greatly appreciate your help thank you so much :)