What i plan to do is find property within this month to rehab for profit. right now i am taking an equity line for 50,000 and get loan from hard money lenders,
now i’m still deciding if i should first invest in property that need major remodelingand use minimalmoney
or go overboard and buy a property that need minor cosmetic fix but that would mean more money to risk
what do you suggest a first time invester should do? ???
thatk you!!
wesk
Like the say, “You make money on real estate when you buy not when you sell” So I would buy low and do the major rehab. The least amount of your money (HELOC) that you use the better for you.
Missy
Hi,
What area are you looking to invest in?
Jeez,
50K can be turned over every month in one of my markets with no rehab or risk and you’d end up with equity interest on several properties per month and your money back. Lather, rinse, repeat next month…the next, the next…Unfortunately, I have more deals than I can do :(. There’s a post under INVESTOR NETWORK ADS on the left that explains it, if you might be interested. I’d rather partner than lose a deal…
Regards,
Dave
I’m looking to invest in Rockford Illinois area…