All Forum Posts by: Benjamin Carter

@Jerry Padilla do you know if that ceiling of what I paid still applies when I bought the property from the county treasurer as a tax foreclosure? If that is true then I would be better off just flipping the property for double what I have invested in it rather than using it as my primary residence.....

@Matt Hurley okay that's good news. I actually bought the property for such a low price ($8000!) that whatever LTV I was able to snag from the bank I would be able to get a really high return. I do plan on making it my principal residence as soon as it is finished and my roommate will be paying most if not all of the mortgage for me. With all said and done I couldn't have asked for a better first deal!

I am a 24 year old guy who is close to finishing up his first deal. I bought a house at a tax foreclosure auction with the intention of fixing it up and moving in with a roommate once it is finished. I am finally getting close to the end of the “flip” part of the deal and need to find a way to get my money out of it. Do I go to a bank and get a mortgage or do I need to look for a way to refinance the property? I bought the house with cash and the only debt I have on the renovations is through personal loans.

My goal is to finish my first deal and use it to pay off all of my student loan debt (being free from Sallie Mae at 24 would be pretty cool) and to buy another deal next summer and do it all over again. 2018 was a great year to start investing and 2019 will be even better!!