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Updated about 10 years ago on . Most recent reply

Timothy Ponessa's profile image
Timothy Ponessa's profile image
Timothy Ponessa
  • from Virginia Beach, Virginia
  • Member since Feb 7, 2015
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Timothy Ponessa's profile image
Timothy Ponessa's profile image
Timothy Ponessa
  • from Virginia Beach, Virginia
  • Member since Feb 7, 2015
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Timothy Ponessa
  • Virginia Beach, VA
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Rehabbing & House Flipping

First time home buyer, in-house flip, FHA

Timothy Ponessa
  • Virginia Beach, VA
Posted

Hello BP! Avid listener to the podcast, first time forum-poster. I am looking to mortgage my first home using a FHA loan. I want to do an in-house flip in the Virginia Beach/Norfolk area of Virginia and looking to mortgage no more than 60k. I am pumped to get started in real estate. Long story short, I'm open for any and all advice that BP has to offer. Thanks!

Tim Ponessa

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Mark Maire's profile image
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Mark Maire
  • from Silverdale, WA
  • Member since Jun 24, 2012
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Mark Maire's profile image
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Mark Maire
  • from Silverdale, WA
  • Member since Jun 24, 2012
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Mark Maire
  • Silverdale, WA
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Mark Maire
  • Silverdale, WA
Replied

60K will be tough in Hampton Roads. I think you should raise it up to 100k and look in Norfolk. Find an area with ARV of around 160k and purchase at around 100-110k. That will leave you room to rehab and make a good chunk when you resell in the next year or so.

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