All Forum Posts by: Colby Miles

Im Sure You Can Find Small Affordable Flips In Any Town Or Nearby Enough, but i Am Not Quite Sure How The Construction Loans Work. Do You Need A Down payment For Those As Well Or Just Have The lender Come Out And Look At Your Property And Your Construction Plan? I Would Like To Find A Great Rental Property For $150,000 but it Just Doesnt Seem Like Ill Ever Make Enough Money To Meet My Goal For Larger $2,000,000+ properties...

Youre Right They Do Make It Look Profitable. But It Seems Like If I Had $25,000 to put Toward The Property And Then Used a Construction Loan It Would Work. What do You Think

Thanks A Lot Brandon! Id Really Like Flipping Houses. It Looks really Interesting To Me, being able To Redesign A Home And Increase Its Value. I Am Not A Designer By Any Means But I Know What Looks Good After the Designer Puts It Together And I Want To Be Able To Do That For property Renovations. That Kind Of Stuff Is Fun For Me. Seeing A Home Go From Junk To Gold Is Fun As Well. Although It Is A Lot Of Work. It Is Very Rewarding Work :)

Hello all or any who can be helpful to me. I am planning on getting out of the ARMY in about a year. I will have approximately $25,000 saved for investing in real estate. I originally was going to go the route of buying a property in order to rent out and use the $25,000 for expenses and down payment, however, after watching some shows like "income properties" and another show on flipping houses, I came to the conclusion that flipping houses will get me the money I need much quicker so that I can invest in larger apartment buildings which is my final goal for retirement.

My question is; Where do I find a group (in NC) to help mentor me in flipping houses. And how could I best use my $25,000 on my first project. I would like to do this for a living so anyone else who is out there making good progress flipping houses, please give me some advice. Mainly, how to spend this $25,000 to begin with. I will need the following:

down payment on house
mortgage
construction loan
staging the property
money for utilities, taxes, insurance
what else?

I am wanting to be success for this so no short cuts. Also I will not be doing the construction myself for the renovation/rehab, I would definitely hire a professional contractor and interior designer.

Thanks in advance,
CJ Miles

Yeah thats right. It is a "in law" apartment, and yes. renting to single family 4 bedroom in Manchester, CT.

one of the difficult things with this property is it is a 4 bedroom. but the 4th bedroom is on an attached separate guest house which has its own kitchen as well. So its hard to find another house just like that... with the guest house that is. I could find another 4 bedroom but how much more would It be worth with it having an attached guest house with own kitchen?

thanks mates!

how do I figure out the fair rent value of the size of house I have in my neighborhood? is it based more on price of the home or the neighborhood. How do I figure out what to charge. Renter pays utilities.

Thanks,
from Manchester, CT

I think some of you are missing the main point which is some people, like myself simply want to own property in Manhatten, NY. I love NY and if I have to make my profits elseware to afford an apartment building in NY; so be it :)

Well from my browsing there are plenty of 4 to 6 level buildings. Of course they arent huge properties but still nice.