I am new to REI and eager to learn more.
In 2015 I paid $4000 cash for a property from a local investment company. I end up selling the house to a local investor because I failed to do the numbers on the rehab. Loss about $2500 because I was alone on the deal, unprepared and uneducated. I had no knowledge at that time.
In 2016, I paid cash for a foreclosed property from the tax auction paid under $3000 with taxes and fees. I own the property free & clear, taxes are up to date and it's insured. The purpose of purchasing the properties was for me to reside in. However financial freedom has always been something that I want to start working toward and real estate seems to be the best way. So lately I have been reading and really looking to get into REI.
The home has never been appraised, current taxable value is $8900 according to The City of Det. I am still rehabbing as I reside in the home. Not 100% complete, I ran into a lot of issues with contractors even end up taking one to court. I was told I could get a line of credit on the home. My brother is looking to partner with me he is expecting a pay out from his job in the amount of $15,000 by the end of year, he is willing to fund the purchase and I’ll fund the rehab. We are looking to contract a property by February. Any suggestions on where to start or what we could do. Credit is not the best for either of us at this time but we are working on that as well.
Help!!
