Am I On The Right Track?
Iam new to REI and I have derived a plan for myself,please give me some feedback on this....Here goes: I have 100k in cash and around 150k in equity in my house,I want to buy a rehab property,put down 20% and get a interest only loan(lowest monthly payment possible,which ever loan type that would be)fix the property up(I am in the building trade profession so rehab work would not be a problem)and sell..of course I would pay all expenses and the mortgage etc in the process-I would have the capital to do so.....I think this is a good base plan, can anyone shed some light on the details and point me in the right direction?????Please[ Edited by loridenn on Date 08/18/2004 ]
I'd strongly suggest you spend enough time researching market pricing and housing supply. I can;t seem to buy enough 4 BR homes in the areas I focus on - this creates a greater value fro the ones I do find.
Your financial/experience should make it possible for you to handle the money and work, but the only way to essentially guarantee a profit is to buy right and sell at a reasonable price.
Try talking to a few realtors - when they understand that you could meandouble comissions for them on each home, I think you'll attract some good interest and most likely be amongst the first people called for new listings - just be sure to let the agents know that you'd like a phone call before they enter the info into MLS.
good luck.