Updated over 15 years ago on . Most recent reply
First Flip
Just wanted to get the ball rolling with a first post. I'm a newbie getting into the rehab game. I've been researching and watching for about a year now. I see how someone would get stuck at this stage and never move on, but I'm determined to do it. I live in a duplex and my interest started when I tried to buy the adjoining property to mine when it went into foreclosure and eventually auction. I had a set price, which it went slightly over. I then saw the work (minimal) that was put into the place and the quick sale once it was on the market. I estimate the investor made $35-40k on the flip.
Anyway, I am ready to start and I have some questions mainly about financing. I plan to work with my father on this. We have about 40K cash. We plan on focusing on entry level homes. What are my financing options? Second mortgage? Cash loan to cover what we cannot?
My father has 40 years construction experience. i rehabbed my own home. We plan on doing as much of the work ourselves as possible. Anyway, I know I'm rambling, but I'm ready to start this adventure. I plan on working full time during the first few flips until we work out the bugs in our system. Thanks for reading!
Most Popular Reply
You've studied and now you are ready to buy your first house.
Congratulations, many study but never buy.
There are so many different things you can do in real estate.
But the best advice I was given was
Pick one strategy and master it, then add other strategies.
What is the one strategy that you want to pursue? Wholesale deals, rehab a house, or buy and prepare your first rental? Pick one, and then find the deal to make it happen.
I had a friend that studied so many strategies, he eventually died before buying his first house. He studied so many options that he couldn't figure out which one to carry out.
Chris.