Preparation for doing a good deal. - Posted by Shelton_n_VA

Posted by Brent_IL on August 22, 2003 at 23:37:30:

If you are right about the numbers, try a wholesale flip via assignment. In a week, an active CRE investor who pays you $2,000 could pick up $10,000 in equity to offer to someone else on their next deal.

Preparation for doing a good deal. - Posted by Shelton_n_VA

Posted by Shelton_n_VA on August 22, 2003 at 22:51:34:

I am a beginning investor, A full time college student with little income. I found a property for $79,900 that needs about $2500 in rehabbing. Similar houses in the neighborhood sell for at least $95,000. I am thinking of buying it for rehabbing and resale.
>Any advice on how I could get any financing for this deal?

>Is it a good deal?

>Should I just do a quick flip, instead of purchasing?

>I have also been told about other costs that I should prepare for: Homeowners Insurance, Assessment, Taxes, and Closing cost,etc…
How much money should I save up to be prepare these types of costs?

Re: Preparation for doing a good deal. - Posted by Robert O

Posted by Robert O on August 23, 2003 at 24:12:06:

Since you are a beginning investor, I would highly recommend double checking the rehab costs of only 2,500. That number would indicate only VERY minor work that needs done, keep in mind that this is seldom the case. Good Luck