Determined But Concerned!! Please HELP!!
I received my real estate license in Florida in 2000. Unfortuneately, my wife's mom took sick and we had to move to Baton Rouge, LA to be with her. We bought a restaurant and (like 85% of all other restaurants) we failed. Major plumbing and landlord issues, coupled with sales tax issues from the previous owner prevented us from succeeding.
To make a long story short, we realize that we will remain in Baton Rouge for at least 3 more years. We both have a year left of college and are currently full-time students. Our FICO scores are 570 and 545 respectively. We own nothing. How do we get into the flipping business? We want to make some offers on some REO properties, but we are worried that if they accept the offer we won't have the funds to proceed with the project. What about paying for insurance or for title companies or for any other start-up costs?
Are we reaching too high??
Any help would be greatly appreciated!!
Thanks,
Chris
No money, Poor credit, No assets, No time, Only a dream. Are you reaching too high? Probably not, however you will have to make some changes in your situation. YOU will have to make these changes happen, they won't happen by themselves. And there may be a few steps between where you are now, and your desired career in the "flipping" business, I prefer the terms "wholesaling" and/or "retailing" myself.
You might try bird-dogging. It's a great way to gain some experience, and make some money while you learn the ropes. You'll want to get the credit score back where it should be, and gather some start-up capital.
Don't get me wrong, there is a possibility to do "No Money Down" deals, but they are the exception rather than the rule. Those that are making a living doing the "No Money Down" deals are spending money elsewhere finding enough leads to filter through to find the "No Money Down" Deals. It can be done, but it's quite a bit easier when you have at least a couple of nickels to rub together at the end of the day.
Hi Chris:
[ Edited by sayana on Date 07/24/2004 ]
In my humble opinion you should start right away at your own pace without sacrificing your dream. My suggestion is to find some good deals and pass those on to some local investors for a fee. Do as many as you can and make some money ; learning the ropes while you are doing it. When you have earned some money and feel more comfortable, and knowledgeable, then you can go in on your own.Believe me, you can do it.
sayana
I appreciate the positive comments!! It's people like you that help in making this a successful venture!!