Posted by BIGDADDY(MD) on July 06, 2002 at 22:51:00:
Ender,
Email me and I will give you my number so you may call me to discuss this further with you. To much ground to cover in a simple posting. creativehousingassistance@yahoo.com
BIGDADDY(MD)
mid 20’s, what should I do? advise plz!! - Posted by Ender Wiggin
Posted by Ender Wiggin on July 06, 2002 at 08:17:03:
I am in my mid twenties, have excellent credit, no debt. I am interested in flipping properties to build enough capital where I can eventually position myself to have passive cash flow.
I currently do NOT have a home of my own, but have heard a TON of advice on my options… one of the pieces of advice I was given was to buy a house ASAP… then I would be able to get insurance and when
I start flipping properties, I would be able to use an umbrella type of insurance plan to cover all properties I get from this point forward? However, will this work if I plan on flipping thru an LLC?
Secondly, when I DO try and buy property for myself, what steps should I take? Should I go through an FHA loan? I’ve been advised that it would be much better to do an 80/15/5 instead of having to pay PMI. My concern is with having working capital so I can still flip! So that’s why I am considering FHA loans for the LOW down payment.
Currently, I am working and making over over 6 figure income at my work. I travel quite often in the western region of the US. My resident home is California.
My questions -> So should I get a home as advised so I can have the tax benefits and then sublet this place out? I really don’t need a place to stay, but I’ve been advise dthat if I have a place to call my ‘primary residence’, then it will help with insurance and alos reduce the amount of taxes I pay.
As for how much I have for a down payment, I can come up with about $30k or so within the next 3 months.
So what should my steps be? Get a pre-qual from a mortgage broker for a traditional loan, shop around for a plex and then sublet that out?
THanks in advance everyone!!!