Rehabber Looking For Advice
I'm 22 years old and looking to get into REI with my Dad who has been a carpender for over 30 years. Our plan is to buy REO's or Foreclosed distressed properties and fix them up and sell for a profit. Does anybody have any experience, and or advice for me and my father. Anything would be helpful, Thank you.
Chad and Bob 
Great Idea! That is what I have been doing for a few years now and it is paying off. my father is also a carpenter of 20+ years and we team together. He does not go in on deals with me but rather he works for me. He is my project coordinator!
It is even a better idea if you can team up and combine talents. I specialize in distressed properties. I buy them for 40-60 cents on the dollar using hard/private money. Fund the rehab with a credit card or savings and complete the project by refinancing with a new appraisal and cashing out. If you know the local market well, you can expect to earn at least 5k on the front end with 100-200 per month cash flow on a single family unit. Good Luck!
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and complete the project by refinancing with a new appraisal and cashing out.
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Can you explain this part to me? Do you get permanent financing based on a certain LTV and then keep them as a rental to get the cash flow?[ Edited by Shirley on Date 12/04/2003 ]