What To Do Next?

General Real Estate Investing
1

I am just getting started in real estate investing–focusing primarily on rehabbing properties for resell. I have just had my first bid accepted. Yes, that’s right my very first bid was accepted! A real estate investor who is also a realtor is helping me find properties with motivated sellers. I bid $40,000 on the property and the realtor feels that, after putting $4-8,000 in fix up expense into it, it should sell for $68-65,000. We will see if these numbers are accurate as I realize I don’t have any money in my pocket as yet.

I am fortunate to have this investor willing to help me get started. I have been doing a considerable amount of research about investing on the various web sites, reading articles and books, and have listened to investing CDs by Robyn Thompson and Cameron Dunlop.
However, I am almost paralyzed by all of the information I have in my head and not sure what to do next.

Do I start looking for another property? I have excellent credit but little money to put down on another loan. I don’t own my own home and have little I can put up for collateral.

Suggestions might be helpful. Thank you.

2

bc,

I would recommend, given your circumstances, that you get this one done as quickly as possible, get out of it and move on to the next one…you should be able to build some working capital that way…

Kieth

3

BC,
glad to hear you bid was accpeted on 1st offer! Keep us posted as to how the rest of the process goes. Way to go!

4

BC,

I know what you mean about the info paralysis. The best way to clear your head is to finish off the deal from end to end. This will give you a lot of confidence in your info and contacts.

Way to go with actually doing a deal despite the uncertainty. That is the step that most don’t ever make.

Good luck,
DB