Updated over 12 years ago on . Most recent reply
So... Getting Started
I am trying to get involved in real estate investing, but I'm trying to figure out the best way to get started. I finished college recently and have a decent income and very little expenses since I am still living at home. I don't have enough money to get into a potential flip. I did have an idea and wanted to see if anyone thought this was possible. I am looking at a few houses, both foreclosures in the 30-40,000 dollar range with an ARV of about 80-100,000 each. One, I could actually see myself living in for awhile. So my idea was to buy the one I like with an fha loan or whatever and fix it up a little; then, as I should have substantial equity in my home, open up a HELOC and flip the other and hopefully start to accumulate some money for future deals. Also after a year or so I could sell the first one.
Does this plan seem possible or is there some bank hurdles that I am looking over. Also is there any other ways anyone would recommend for getting started?
In other details that might be important, homes are cheaper here in east TN than most places so finding foreclosures from 30-70,000 that are valued at 100-150,000 seems to be pretty common and they're nice houses (not in bad neighborhoods or anything). And my dad and I would be doing a majority of the repairs at first.
All advice is greatly appreciated.