I need advice as a newbie starting out
Hello all,
my husband(42) and I(36) are brand new real estate investors. We have secured a home equity loan against our home (which we own out right with no mortgage payment). My husband wants to stay in our local market for two reasons. He has lived here his entire life, and knows the area very well, and he is a general contractor and has been remodeling homes in our area for 20 years. We are looking for a distressed property in which my husband will be rehabbing the entire project himself. I’m having a hard time finding a great price in a great location and I just can’t seem to pull the trigger on anything. Any advice on how to just dive in?
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As noted above, having an agent that is familiar with investing can help in how the investing market looks versus how buying a personal property looks. It seems you and your husband have the ability to make a property more desirable and I would try to stay local for the same reasons you listed.
If you haven't already, try going off market, driving around neighborhoods that would be of interest to you and finding ones that fall into your criteria (your agent should be able to help you as well). Keep looking on the market, something will come available but you have to be ready to get on it. It doesn't seem like you will be living in this rehab at all so as @Patricia Steiner said, buy an opportunity, not a property. If the numbers work well and ROI and ARV are good, go for it. I know it's a bit scary to start but once you jump in, you'll learn and grow! Good luck!