Look At These Numbers And Give Advice Please
Hi am new to real estate investing and started with bird dogging. I came across a property that is amazing and would like to invest in it as a rental property for a few years. It is in a great part of town and the approx value based on comps is going to be around 170,000 and I could buy it for around 140,000 I know this is not quite the 60-70 % rule but I have no idea that this home value will rise with time based on location and size. I could rent this property for double what the payment might be. Can anyone offer any ideas? Can anyone recomend someone that might lend based on the equity as my credit is still being repaired Thanks for all your help.
Okay goober,
Your asking the questions in the wrong place! You need to speak with some mortgage brokers to find out where you stand with conventional lending or hard money..
And the above is assuming the owner is unwilling to carry on their equity and/or take back a sub-2 on any existing loan..
Point being, if it is a flexible seller, you can work out some "creative deal" which is the seller carrying on his equity..
If all else fails and you have a good sales market, put it under contract which is assignable and put the home on the market for more than your contract price, aka wholesaleing/flipping..
Chris
Ok So I am a goober now? Arent we the professional I think you for your advice however I thought if I put this in here I might get the expert advice from a generalized crowd on different boards from people such as yourself. I am also new as you could see and am intiteled to mistakes. I hope you conduct your business more mannerly than you this on this bored Good Day Chris
RE is a business you need thick skin in...I don't think he was trying to insult you...he did respond after all. The bst way to start RE is to dive in. Go to the lender site on this website and email or call one of the lenders there. There are investor friendly and understand investing. The last thing you should do is listen to the banker at the corner tell you that you have to wait until your credit recovers to invest.
Smile...these guys that help us on this site are a wealth of information. Enjoy not having to live thru each situation to gain knowledge.
Good luck!
Thank You Beth for your friendly support since my post an investor friend of mine has passed a better deal my way that may work it is a rehabber for 70,000 with a resale value of 120,000 after repairs which are looking at around 5000.00 I am of course going to investigate farther but any input would be great. I am taking your advice and looking for a hard money lender. Thanks Again Happy House Hunting!