Hey all I came up with my plan for REI what I will like to do is purchase a property at .60 cent on a dollar or less:
!. then send it to my buyers list for a wholesale deal and if that doesnt work out
2.Go ahead and fix up the property spending $10K-$15K for repairs try to refi at 80% then try to sell
I’ve been told that you got to go where the deal will take you. Now I have good credit but not a whole lot of money and I wanted to know what you all think
I think that’s a terrible plan (sorry to be blunt). You need to learn whatever business you want to pursue and then do whatever it takes to do it successfully. If you’re going to be a wholesaler, then giving it a try, followed by trying to rehab it, followed by renting it out is NOT the way to go. Properties that are rehabbed for a retail buyer are not suitable to be used as rentals.
Learn your business. Learn your market. Know your customers. Do it right the first time!
Good Luck,
Mike
Yeah, I agree with Mike. Skip step #2. Start your offers at $.50 on the dollar. Do your numbers to make sure you are cash flowing or at least NOT NEGATIVE. Do the minimum to get the place rentable. Talk to experienced landlords to get emotionally and mentally prepared for being a landlord and give it a try. Don’t be greedy and go it slow. Read up as much as you can, and get experience that you can learn from first hand. You’ll be surprised how quickly “lots” of money turns into “not so much” money.