Few questions you guys might be able to help me out with
1) When reading a lot of these post I see things that are abbreviated in which i do not understand, like LLC, and MM stuff like that, maybe someone can tell me what most of the abrreviations mean? I don't know all of them off the top of my head but those area few I just saw while reading... It just makes it confusing for me since I dont know what they are.
2) Say you have found a home for sale that has an asking price of 250k, now you want to compare this price to houses in the area , how do you go about getting appraised values in that area? Cant just walk up to their house and be like what is the appraised value of your property, I know there's a better way.
3) How do most of you flippers fund your projects? Currently I have about 6k saved up, soon to have 10 since im selling some things but im only 19 so im trying to get things together here. At this time i'm building credit as well. Do you guys usually take 1 loan out on a project that includes everything? Such as the money needed to fix the house up included in the price to purchase the house? Wish I could find some kind of calculation to determine what other cost will affect me during a flip, like taxes and all that i'm not aware of. It just is weird reading all of your responses seeing that yous talk like you have been doing this for a long time and here I am just trying to get started scratching my head lol.
Say a house is worth 200k and their asking price is 190k, whats a low ball offer? I see that a good way to start when i'm ready is to shoot low ball offers and wait for a bite. Of course I have to get everything else together first, like how i would fund the project, would i sub contract it, partner, or do the work myself. Thanks for your time, i really appreciate it.