Posted by Gary on July 23, 2003 at 07:55:52:
We are in Kansas. Topeka.
Please help We are new to this! - Posted by Gary
Posted by Gary on July 22, 2003 at 16:31:11:
Hi,
Me and my wife are new to investing in real estate. We just purchased our own home through conventional methods. I was classed as a first time buyer and got bond money to use on our house. We have found a house that we believe is a good investment property.
It is a hud owned house and has been forclosed and they have it on day to day auction. The house is distressed and needs some work on it but once done we believe a good profit is realistic.
We think we can purchase the property for under $50,000 and once it has been rehabilitated would have a fair market value of $65.000 for a quick sale.
I have excellent credit but my wife doesnt and we have very little cash of our own.
What recommendations to obtain financing would you recommend. Please help as i believe this is a good opportunity.
Please feel free to eamil me with any further questions. Your help is greatly appreciated.
thanks Gary.
Re: Please help We are new to this! - Posted by Ryan
Posted by Ryan on July 23, 2003 at 08:18:46:
Gary,
If you are new to the world of fixing and fliping properties I would hesitate jumping in and buying your first property without sitting down and itemizing your expenses involved in rehabing the house. Most beginners fail to account for all the expenses involved and under estimate the costs. You need to have good margin, when deciding what to offer. First determine the cost of rehab and add some for margin and unexpected expenses. Next determine the amount of time you consider the house will be on the market, realtors can add some insite into this. Add monthly payments into your cost analysis. Next determine the amount of profit you want to make off the property in order for the deal to be worth your while. Now you should be able to determine what price you need to get the house at in order to meet your requirements. I would advise getting a book on rehabing and reading it because they will go more in depth than I can here and possibly keep you from making a mistake. Good Luck. I don’t want to discourage you from investing just be well informed before you jump into the game.
Re: Please help We are new to this! - Posted by Bisram Antoo
Posted by Bisram Antoo on July 23, 2003 at 24:36:39:
What state are you located in?