All Forum Posts by: Tom C

I never thought about combining, although now with this, then I am looking at trying to complete 2 properties at the same time, while still holding a full time job and school. Can you provide some names of contacts in Ohio? I did get a call from one in FL. late Friday, and it sounds as though it could be a good lead.

Thank you for the advice.

Tom

Theres not a problem. I thought it seemed a little strange to request your members to pay a fee when without your members networking there wouldn't be a club. If this is the standard, then it is. I pay a hunt club fee every year and for that I get to hunt and fish on the property all year long and we have guest speakers come in too. So I guess the concept is about the same.

Thanks for the reply

Problem so far has been either my credit score, the amount that is needed is too low or one said they will only loan to a business in Ohio. I was looking at local clubs and they all charge a fee to sign up. That seems a little hoaky to me. It can't be a LTV issue, since none of them have even asked for the numbers yet.

Thanks again for the advice. I will just keep up the research.

Thanks for the reply All Cash.

Actually I have worked construction for several years, so I have a pretty firm handle of what it cost to rehab a house. My wife also does interior design. I lived in this neighbor for 4 years. I purchased my first home for 42k and did minor improvements and then sold it 4 years later for 64K. Nothing great, but I was happy to finally get out of the city. This was around 5 years ago. I know the homes and the neighborhood. So I am not taking anything for granted that I can see. As an example the house currently is being taxed at a 54K property appraisal and in my county, the tax appraisal are always low compared what that actual appraisal will come in at. So saying 50K was low balling it.

I don't think that I am making any huge assumption here about how much I could turn this house at. If I am missing something please tell me.

Thanks

I am new to this, but I have been studying and researching investment property for several months now. I am looking at buying one HUD somewhere between 15 and 30K, more around the lines of 25K. These are nice homes and in a 'not so bad' area, that will require very little rehab. I just can't seem to find anyone willing to loan me so little money. My credit score is around 620 and I do have more then 6 months of reserve cash handy.

Other then going to a family member or private investor, does anyone have any other idea's how to get started on my first house?

Thanks