Rehabbing & House Flipping
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback
Updated almost 5 years ago on . Most recent reply
💸Working on 1st deal..💸 looking for some advice
 What’s going on BP’s. I hope everybody’s crushing the game. I’m a rookie seeking some advice from the more seasoned investors and would greatly appreciate it.
I’m currently working on my 1st deal and it’s looking like everything is going to work out as planned.
It's a SFR, I ran some comps and it looks like the turn key properties in the area are going for 310-330k.
It's looking like I'll be able to pick this property up for about 230k but after inspecting the home it' looks like it will need about 40k to get it to the 310-330k price range. This property will not qualify for an FHA loan it will have to an conventional loan. 20% down. Not sure if there's a better option.
Assuming I went with a conventional loan, I'm unsure what angle to take. I can't seem to get the number to make sense doing a BRRRR so I'm thinking maybe
rental or a flip.
What would some of my wise BP investors recommend??
Thank you
Most Popular Reply
#2 Land & New Construction Contributor
- Developer
- Charlottesville, VA
- 4,399
- Votes |
- 4,756
- Posts
#2 Land & New Construction Contributor
- Developer
- Charlottesville, VA
Originally posted by @John Fortunato:
 What’s going on BP’s. I hope everybody’s crushing the game. I’m a rookie seeking some advice from the more seasoned investors and would greatly appreciate it.
I’m currently working on my 1st deal and it’s looking like everything is going to work out as planned.
It's a SFR, I ran some comps and it looks like the turn key properties in the area are going for 310-330k.
It's looking like I'll be able to pick this property up for about 230k but after inspecting the home it' looks like it will need about 40k to get it to the 310-330k price range. This property will not qualify for an FHA loan it will have to an conventional loan. 20% down. Not sure if there's a better option.
Assuming I went with a conventional loan, I'm unsure what angle to take. I can't seem to get the number to make sense doing a BRRRR so I'm thinking maybe
rental or a flip.
What would some of my wise BP investors recommend??
Thank you
You need to run the numbers. It doesn’t sound like there’s much room for a flip. If you can rent it out and cover the mortgage that may make sense. Let the numbers be your guide.