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.