Confused, new investor

Bird Dogs, Wholesaling
1

Hi everyone, I am a new investor that is so ready to get started. I’ve read everything you can think of about Investing, (purchased Carlton Sheets) to the point that I am confused. I will be getting my real estate license within the next month. Here is my understanding of what my steps should be. Do I:

  1. Find my house that needs to be rehabbed or not.
  2. Get a realtor to run comps to find out the market value
  3. Have an inspector get in house to determine the approximate amount of repairs that will need to be done.
  4. Take the appraised price of the property minus out the cost basis plus all repairs, holding costs, possible commission fees to sell house and bank the profit.
  5. THIS PART IS WHERE I AM CONFUSED: I find a bank/HML that will give me a loan for the appraised value? the difference between MV & Appr. value is the money I use for repairs?
  6. I have a credit score of 722.
  7. Can someone please be so kind to help me so I can get out there and become a “Real Investor”.

Thanks everyone for any help.
Julia

2

Hello, In reference to #5 and #6. Your credit score is enough to go with a traditional loan. HML have upfront fees and high rates. Go traditional first and use a HML as a last resort.

3

Thank you so much for your input. I was beginning to think I needed to go to a HML first.

Julia

4

GOOD LUCK!!