I am looking to buy realestate in Monterey County, CA. I have a design degree and a close friend that is a licensed contractor in CA. We are wanting to change courses in life, but neither of us have any start up capital. Does anyone have any ideas on how to get something like this on a roll?
If you don’t have money to put as a down-payment, how are you going to fix this house period?
Talk to a lender. That’s the best thing I can suggest.
March 5th, 2010 at 1:55 pm
If you don’t have money to put as a down-payment, how are you going to fix this house period?
Talk to a lender. That’s the best thing I can suggest.
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March 5th, 2010 at 2:31 pm
flipping houses is different from no down homes, one is illegal and the other is involved with loans and agreements with the seller.
The simple fact that you want to buy, fix/remodel & resell is simple. Its just that.
Your broker can help with that or do a FISBO.
If you buy right, you can sell right and make a profit. Your friend the contractor should know that, unless he is just a framer and knows nothing about the buying and selling of real estate and the values in your area.
Be ready to get comps and due a lot of research in your area so your time and money is not wasted.
That degree you have is for design, not the real estate business. you can sucked up real fast out there if you don’t know what time it is……….
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go lightly
March 5th, 2010 at 2:52 pm
You need to have great credit to qualify for 100% financing and a seller who is willing to okay you rolling the closing cost into the mortgage and most importantly an appraisal that is above these costs. Then you are on your way. If you do this right you can even get back some money to do some repairs and restorations to the home. My advise to you have be you get an extremely trustworthy and knowledge agent to work with you. Most of my investors wanted at least a 50K buffer before they invested to cover costs and make a profit.
So here’s the list
Good mortgage broker
Good inspector
Excellent Realtor
and the most important thing is to know the market.
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March 5th, 2010 at 3:08 pm
Do your research before you start "flipping". If you don’t have any capital to fix these houses up, then what you are talking about is very risky. It’s not as easy as TV makes it look. Flipping houses can be as risky as day trading. Also don’t forget, it creates a very significant taxable event if not handled correctly.
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