All Forum Posts by: Silvana Vaca

@Christine Kankowski just wanted to follow up. Yes! the home happens to have a MAJOR problems. It has a leaking OIL tank under the house. It also happens to be sitting right under one of the corner foundations of the house. The foundation in one side is cracked and it needs new roof, windows and everything you can think of. Sadly it its a nice home but too many issue. 

Hello everyone,

I hope I can get some clarification and some help regarding this matter. I found a home by chance. This house happens to have HUGE potential for flipping. The home tax value is 140k however the house is currently going under pre-foreclosure for 100k. According to the sellers Realtor this individual is going bankrupt so there little to no negotiation on this numbers. The area where this house is located is a great neighborhood, good schools, cape cop. Homes in the area going for 130k-160k. I am highly interested in this home, however, i would be a 1st time home buyer. The home is trashed in the inside. But it has great bones. At least for what we where able to see. 

When you are a 1st time home buyer can you purchase, flip and then sale? Or are you bounded to live there for a specific amount of time. I know would not be able to rent it. Although that is my goal at some point. I have mixed feelings about this because I am trying to get started with little money. I would have to get an FHA loan. Most private lenders i have found , want to work with individuals who have experience and or have a larger budget than i do at the moment. Should i just keep saving all i can and wait until I can give 20% down? If this home is to go on foreclosure I was told it would most likely be a no no for a first time home buyer. Help

Hello fellow members! 

I need some advice! I recently posted an introduction post. I am new to the real estate world. My goal is to flip homes with my father and build a profile. I am currently trying to learn all I can from EVERYONE (literally...) However, I came across a home that seems to be a great deal. Its a nice are, safe zone and schools, homes in that area range in the upper 150-200k. The home is listed for 85k! its a corner lot with a nice size backyard. The downfall is parking off the street and la huge tree standing by the side! However these are the descriptions below : 

Single Family Residential

Heating: Forced air unit

6 Rooms

Style: Cape Cod

3 Bedrooms

1,287 sqft

Stories: 2 story

Exterior Walls: Brick veneer

Construction: Brick

Fireplace

1 Full Bathroom

1/2 Bathroom

Lot Size: 0.27 acres

A/C

Roof: Composition Shingle

Foundation: Crawl/Raised

Need some feedback. I don't want to get too excited and jump into something too soon and blinded. However, i just have this gut feeling that this can turn into something magnificent. The bathrooms and the kitchen definitely need a complete re-model as well the landscape. What are your thoughts or suggestions? I would be as well a 1st time buyer so what would you do? 

@Kai Kopsch Thank you so much! yes am trying to get all the info I can together. My plan is to research all I can and view my options. My goal is to save enough over the next few months and have a good back up before I purchase a home. Ideally within the next 6 month to a year and flip. Eventually after flipping a few homes I would prefer to invest 100% of my time into this business rather than part time. I have a few areas in mind. However, I am still trying to get some info on the market (Greensboro, Burlington,Durham - Raleigh)

I think everyone already said the same, But CONGRATULATIONS!  I am an newbie trying to enter the field and I think this is just amazing! 

Thanks everyone! Am trying to soak up as much as I can in the site and learning from all your forums. @Jason E. Smith thank you! We will definitely be in touch. I am actually trying to attend one of local triad real state meet-up groups and learn a little more about the market in the area and the how to get all my ducks in line! I really appreciate all the support!

Hello BiggerPockets members. First of all I want to thank the creators and members of this site! You all have given me sooo much useful info. My name is Silvana, I live in NC near the Greensboro area. I found this site by watching tons and tons of YouTube tutorials and reviews on real state investing, flipping homes, short term rentals etc. I want to be honest and perhaps a little too personal here. I am mom, a student, a wife. I currently have a good job, decent income, and a very short commute. Over the past few years I have held almost every job possible. I keep trying to find that perfect job that will satisfy my goals. However, I keep coming back to the same idea that runs in my head over and over again.  To have that financial freedom, creativity freedom and control. One thing I know: I am not meant to stay behind a desk or in one place!. Perhaps, some may not agree with me and think i am ungrateful for I have. But, there is a whole world of possibilities out there and I am here to go after them.  My father and I have worked in several homes, renovations to be specific. I know we have the will, I know I have the energy and desire to accomplish these goals. I want to focus in flipping homes or Short Term Rentals. I know I must start slow and get experience, perhaps, start of locally. I really would like to try something outside the NC market. However, I always come to feel intimidated by one way or another and feel like I just need that extra push. I would like to know more about other stories. Perhaps, there are others out there with terrible situations that still made that jump and became successful. How did you do it? Any of you out there with advice for an inexperienced newbie like myself? What are is your opinion about the NC market? Any recommendations on what niche to start of first?