Credit score 720, money in the bank 5,000 just joined local rei club (1st mtg at end of month), want to try birddogging/wholsaling, but heart is set on rehabbing, need some advice, brother is an elect.,have friends who r plum., and and uncle who is a contractor and as for my self i can repair houses pretty well i did my own house (bathroom new,daughter’s room new). Just need some direction, (which route to take) any one.
Since you have a good credit score and can be approved for a loan…I would skip birdogging and do straight wholesaling or rehabbing.
Thats what im thinking, but just need to know a little more of the biz., i.e. loans, paperwork and most importanly who to trust.
Thats what im thinking, but just need to know a little more of the biz., i.e. loans, paperwork and most importanly who to trust.
You will receive numerous IM’s from “members” of this site. i always tell my clients to ask their friends and business contacts for referrals. Ask for references.
Websites do not mean anything. make sure that you research the mand their company. I am sure that you are looking for a long term relationship with a broker, so take the time and find the right one.
Good Luck! :beer
Want to try hml but dont know excactly how they work or if they will give me a loan im pretty sure i can find props and repair in time just need a lil advice.THANKS
Thanks.
Look before you leap (educate yourself on the successful practices from those that have been where you are going before you)…
Assemble an advisory team to include people in the “know” with regards to lending, construction and rehab, real estate law, tax strategies, local market dynamics and the like.
Walk before you run (once you are confident in your understanding/intentions/team, proceed with one small project and work out the kinks/test the team and approach).
Regards,
Scott Miller
Thanks EZloanz. that was my plan go to my local reic to see who is interested in helping me out, than start off with manageable props., the kind i can afford, for right now just in case s… hits the fan i can still manage to pay it off w/o over doing myself
many of the people on here have recommended the book “Flip” by Rick Villani and Clay Davis. My local library didn’t have it so I bought it. I am about 1/5 into it and it is EXCELLENT! It doesn’t cover every single detail such as what EXACTLY to write in a letter to a homeowner but it gives you all the points you should be addressing in that letter. You can find sample letters in those “other” books at the library 
Definitely a must read!
Thanks excitingname. I actually went on and looked but never bought it, only cost a few dollars so I was scepticle but I guess I’ll just go ahead and get it, “I mean it is an investment right”. LOL. Hey, thanks again you guys are great :biggrin