My husband and I are really ready to begin investing. We like the rehab and sell approach. We are going to closing and moving into our first house by the end of this month. After closing, we plan to invest as much energy as we can into learning this business and purchasing our first investment property. We need to work with a lender who is willing to finance our very first deal and will finance transactions in the DC-MD-VA metro area.
If you are a lender or have worked with a lender, who fits the description, please let us know.
Here are our stats:
Income: $61,000 (combined)
Debts: $500 credit card debt (combined)
Assets: None (other than the purchase of our new home valued at $220,000 and $1,500 savings)
Credit Scores: 634-efx, 679-tu, 665-xpn (hubby)
611-exf, 638-tu, 647-xpn (self)
I would recommend some caution as you get yourself in a tight spot based upon not having an assets to follow back upon and modest income. Yes, there are Hard Money Lenders out there , but they are not cheap and they are noting going to cover things like holding cost. I would try and build up some assets first and/or if you got a friends with some bucks, have them front the money, take out the loans and you do the legwork finding the deal, doing the work ,etc and then split the profits.
Also, I htink you will find getting good deals in the metro DC area to be very , very difficult. Might be good to look out in the hitherlands.
What do you think is a realistic amount of savings to have on hand?
And also, I thought that it was best to work in your own area…can you be just as successful by finding deals many miles away from your hometown?
You are right though…finding cheap property in the DC is hard, shells are selling over $200,000, but hopefully I can finding something in time? What do you think is the best approach for finding deals in a market like mine?