Newbie Here - Posted by stany

Posted by Eddie on January 10, 2010 at 17:19:48:

Hello,

Flip it to somebody who rehabs houses. Make $5 to $10 thousand and move on.

Thanks,

Eddie

Newbie Here - Posted by stany

Posted by stany on January 09, 2010 at 23:46:01:

I am a real estate investor newbie after a long wait…I have literally walked into a few good deals that I was able to get with no money down. Two of the houses are rentals which is awesome. The other house is a rehab with no money down, price is $14k, rehab costs is approx.$20k, ARV is $82k. Here’s the problem…I don’t have the money for the rehab. Payments don’t start for 3 months on this property and rents are at $675…what do I do. I don’t have the credit, don’t have the money, etc.

Re: Newbie Here - Posted by Robert

Posted by Robert on January 10, 2010 at 15:41:21:

I’d suggest you flip it as a wholesale deal. Or find someone to be a partner in the deal.

Re: Newbie Here - Posted by stany

Posted by stany on January 10, 2010 at 16:53:21:

That’s what I wanted to do but I’m having a hard time finding a partner in the deal. I don’t really know how to do that because I don’t know many people.

Re: Newbie Here - Posted by IB (NJ)

Posted by IB (NJ) on January 10, 2010 at 21:36:32:

Flip it or…read all you can on finding private lenders. Use the info to find a 50/50 equity partner if necessary. Personally I like the wholesaling option w/ an informal agreement to stay on as an apprentice during the rehab.