All Forum Posts by: Tyler Treadway

I could see the second working out. I think it would be difficult to talk an owner into transferring title to your name without any consideration. Maybe placing a lien for the specified amount would take care of this issue, but I still feel that if I was an owner, that would be difficult. I don't know though, I don't have much experience in this area. I just want to get into it and I too, don't have a ton of capital to work with. 

I like the idea. I had a very similar idea for a property I was looking at, but couldn't come up with a good way to protect my investment and structure the deal. I am interested in seeing if anyone has done deals like this.

In the event of a live-in, fix and then flip, if we were to get an FHA backed 203k loan for the property, how long would we need to live in the house before we were legally allowed to sell it? After doing a little research it looks like you are required to occupy the home (complete the rehab) within 6 months of acquiring the loan. Does anyone know if this is correct, and how long after that before you're allowed to re-sell it?

Interesting ideas. We have considered doing a live-in and flip sort of a deal. Our housing is paid for by our current employer, so we are considering it as an option next year. It would not, however be an instant money-maker that we are specifically looking for right now, but is something we are strongly considering. 

Another question along the same lines. What are the drawbacks to considering purchasing an investment property out of state?

Ok, so another newb question then. I am not a licensed realtor yet, so is there a way for me to access the mls other than having a realtor do it for me on each and every property I find? Or since I am out of state would the best thing be for me to quit trying to find a deal on my own and have a local realtor look for me?

I am new to BP, but really like what I see so far. So a really quick introduction of myself. I am currently in real estate school, and plan to begin a career in real estate as an agent next year. All parties I have talked to regarding starting out in real estate sales have advised to have as little as three months living expenses saved, and some have said as much as a year. Long story short, my wife and I have not been able to save more than a couple hundred here and there since we were married, and in our current livelihood we don't foresee thousands of dollars going into the bank over this next year with our first baby coming and all.

So getting on to my question. I have a lot of handy skills and have remodeled several houses, and also helped flip a house several years ago. Our goal is to fix & flip a house this year, and maybe continue doing fix & flips for extra income as we find deals, for the immediate purpose of gaining the living expenses for several months that we will need as we get started in real estate. 

We already have potentially $70k invested in whatever deal we find. Which I feel is a good starting amount for our first flip. The issue is living where we do in southwest Colorado, not much is out there for under $150k. I have even been keeping my eye out on the Phoenix market where houses are cheaper and there are more foreclosures. The issue I am finding in Phoenix is that even the properties that are listed in the $30-$50k range that need $10-$15k to get them sell-able, don't have a high enough upside to make it worth the risk. Comps in the specific areas of the houses I'm finding are only selling for $20-$25k more than the places I'm finding, and once I pay off my investors and interest and closing fees and renovation costs, most of these properties would only net me $10k, and that's if everything went right. I guess my question is am I miscalculating something? Do I need to be more willing to just take the risk? Or is there somewhere else I should be looking other than just zillow and realtor.com? I just see a property that could be in my range, but then when I do market research and see that it likely won't sell for more than $80k, it scares me away. What do you guys think? Should I be going about this differently?