All Forum Posts by: Lee Castro

Thank you @Daniel Haberkost @Robert Arquilla. Located in Northern Houston. Will look into this information.

Is 10K more suitable for flipping or purchasing a rental property?

So my grandparents are getting ready to sell there house which was built by my grandfather in the 70s. I was offered to take the house and begin my first investment. The problem is the house needs major repairs, has large overdue taxes and is in a not so great neighborhood. On a scale of A-D I would give the neighborhood a C grade. 

Just because the property is free should I take it? If so where do I start with getting funds to rehab the property. 

So I have been studying REI for a couple of months and feel comfortable on moving forward on a property. The problem I am running into is getting a loan with little to no money down. Any suggestion for Houston Loans?

Chris is there not typically a time frame of when the property can be rented out? Lets say maybe after 1 or 2 years of living there the property can then be rented?

Is it possible to get a first time home buyers loan and then still use the property for renting?

Are there any Investors in the Conroe to Spring TX areas who are looking for extra help? I am still trying to learn the business and would like to just be a helping hand at the same time.

What make a potential partner want to work with you? I mean if I come to you and say I found a great deal and need help with the down payment? What is preventing the "partner" from just reaching out the the seller themselves and taking the deal alone if they are experienced.

Is it a complete no to buy a property which has experienced massive floods? 

I have found a house which has had 3-4 feet of flood damage during a previous major hurricane but it has a really good purchase price and ARV.

Is this still a major no?

 Wow thank you Bob and Andrew this is a lot of great information which I was looking for. I feel I have a better understanding of HMLs. But I still am questioning one thing. So I understand in flipping its really impossible to get away with $0 out of pocket all around. What are some of the monthly cost that will be neccessary while working on a flip and how are those cost generated?