Well been studying REI for bout 3 months now. Here is my current state and plan.
I am a full-time student with no job(living off of student grant and loan). I have my own home(did have a good job) with $50k in equity for a HELOC. credit 735. I have a cosigner for employment verifcation to open the line. plan to use 6month no interest credit card for supplies.
I plan on starting out to rehab in my area. I do have xp in construction and have serveral contacts in specialized fields(electricians,HVAC, plumbers) that are trustworthy and will to work with me. I have spoke to my realtor and am getting the automated MLS sent to me with my criteria. He also has investment properties. I was directed to a peer of the family attorney for contract advice and such. Family insurance agent will do temp coverage for rehab. I plan on attending my first REIA meeting on the 20th.
Homes are cheap here. Outer “borderlands” are 40-60k 3br/1. And have already done a decent amount of scouting. I’ll be looking for rehabs that can be completed in less than 3 months. Have found some good calcualtors and info here for cost, formulas, etc.
I’m wanting to sell retail, possibly fincance with large downpayment to cover cost.
A drawback is here in Kansas city, HomeVestors are EVERYWHERE. almost spooky. Can’t go 2miles without seeing billboard.
I know this is not the easiest way to get started, but its in my “comfort zone”. I think if i dont’ get started soon, i won’t ever. This site has been the best resource by far. Thanks to all.
Appreciate all comments/concerns. I hope to post my first deal here soon. :biggrin: Come on experts butcher my plan. thx for the read. I have an exam tommorow, blah.