Newbie ?
I want to start buying fixing up and selling or renting houses in tx.
I have a home in so. fl. I will be selling to raise the $ needed to start this ..but I live in it so I will be moving to Tx...
thus I will need a place to live as well as have a place to fix up,..Will have about $70,000 profit to work with,,what to do ,??any ideas??
I am looking to move to a place that will have the homes I can afford to get started with.
I was thinking of two $19,000-20,000 homes , work on them one at a time and sell as I complete them, I buy more , but also live off the profits.
Will it work???
ok bad plan or what???I don't want to work for someone else anymore,any help??
Hello fellow Neapolitan, the question will it work depends on you. A lot of people move into a rehab house, fix it up, sell it and move onto the next one. As long as you are disciplined to stick to the plan and savvy enough to keep picking up deals, you will succeed.
I haven't read it but I hear that Kevin Meyers, buy, fix it, sell it, profit is a good book for what you want to do.
GL
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thanks ray,,nice weather were having don't you think.
Iwhat is the reason for a LLC? taxes?
If I buy with cash will the deal go faster and can I get a better deal with cash? How long would it take to close on a house with cash?
I've been in const . for 15 yrs. now and I believe I can pull this off,kinda nervous though,selling and moving ,rehabing.
I want to make all the right moves, what books or web sites would you recomend I check out?
Thanks for your time,,Coda
On 2005-01-03 08:13, coda wrote:
thanks ray,,nice weather were having don't you think.
--absolutely! My dad sent me pics from Indiana where they got 30 inches..how do they live like that? On Christmas eve I was outside in a t-shirt jumping on my kids new trampoline!
Iwhat is the reason for a LLC? taxes?
To protect your personal assets from your investment properties, if you are not dealing with tenants, you might not need one.
If I buy with cash will the deal go faster and can I get a better deal with cash?
--Money talks, you can surely get better deals with all cash if negotiated properly. One tactic is to ask the seller three times what is the best price they can do, once down to the lowest number, then ask, how abuot if I paid cash?
How long would it take to close on a house with cash?
--Never done it, I put as little down as possible on each deal, I would think 3 days to get titlework back and all
I've been in const . for 15 yrs. now and I believe I can pull this off,kinda nervous though,selling and moving ,rehabing.
I want to make all the right moves, what books or web sites would you recomend I check out?
--This website, the book I mentioned before, I like Russ Whitney's stuff as well. I'm not a rehabber per se so I would just hit the wonderful Naples library and read what they have. If you wanna do lunch sometime, PM me.
Thanks for your time,,Coda
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