Hi. I’m about to start REI. My goal for now is to just flip properties so I can build enough capital to eventually buy some multi unit apartments (within 10 years). What kind of properties should I look for? I also have very limited funds. Average house in north Jersey goes for about $500k. Thanks in advance.
The first step you should take is to get with a lender to see what type of loan you can get approved for. I am assuming if you are looking at Flips then you are a handy type person. Most flips need some work. So if you don’t have the funds to hire people to do repairs then you might want to think differently about your Plan.
Good Luck
LS1GTO Welcome and good luck!
AZrealtor is right. Make sure that you have all of your bases covered prior to making the jump.
Insure that you can get the necessary funds by getting PREAPPROVED, not Prequalified , with a lender. You may want to find a Broker who can search for several options based on your parameters.
Build some relationships with; Real Estate Agents, Contractor’s, Insurance Agents, etc.