Tyrone here, I'm a newbie here looking to starting out in REI for the long term. I currently live in Jacksonville, NC and I want to begin by investing in foreclosures (plus willing to do rehab) in order to give myself the opportunity for greater return.
First off, I've done some reading about REI, haven't seen to many books on foreclosures but have read several articles on this. I understand there will be several things to look for when buying foreclosures but I know firsthand knowledge is better and I also know of the extensive time it takes to secure these type of homes. Although I'm looking for foreclosures I am not counting out great deal homes for sale or short sales.
The area I live in is high military residents but it seems like they are continuing to build new homes. After doing some research it looks like homes with upgrades get the quickest visibility (as normal) as there are a lot of homes in this area without upgrades. So I figure a decent sized family home with moderate upgrades (i.e. kitchen (countertops, sink), bathroom, bedroom (closets), possibly hardwood floors) would get buyers. I know all of these upgrades are possibly not feasible on the first buy (fingers crossed) but some of these would separate my home apart from the rest.
I currently rent but I have a VA loan at my disposal and I know other ways to secure homes via conventional home loan and other types of loans.
Are there anything important I should know or tips to help me on my first investment? The more the better.
If there is anyone in the Jacksonville/Swansboro, NC area or anywhere else that could give me some insight on this that would be great.
Welcome any insight!
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Locate and attend 3 different local REIA club meetings great place to meet people gather resources and info. Here you will meet wholesalers who provide deals and rehabbers.
Two Great reads, I bought both J. Scott The Book on Flipping Houses, The Book on Estimating ReHab Costs http://www.biggerpockets.com/flippingbook
Consider checking out HUD homes for small multi's owner occupied gets first crack.
You might consider Niche or Specialized Housing like student housing. Rents can be 2-4 times more. Remember you don't have to own a property to control it.
Download BP’s newest book here some good due diligence in Chapter 10. Real Estate Rewind Starting over
I would look carefully at foreclosures. In my areas they are VERY over priced and NOT worth it. The banks want so much that it really takes alot of the value out of it. Not saying there won't be any deals, just don't assume because it is a foreclosure its a deal.
Have you bought a personal property yet! That's an amazing way to leverage your VA loan. When I got started as young 23 year old with no money but a W2 income we bought using our VA loan, fixed it up and rented it out.
While that was a foreclosure we have found great luck with short sales. Again it really depends on your areas so good luck!
welcome to the site.
Thanks for your comments and hello everyone,
Account Closed Thanks for that insight, I will definitely look to compare those foreclosure prices with the houses in the area.
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@Tyrone Alcorn Welcome to BP. I invest in the other Jacksonville - Florida.
@Tyrone Alcorn I was in your neck of the woods last summer visiting my Daughter and her husband who is active duty Marine @ Camp Lejeune.
Seems like Jacksonville is growing and may have a large tenant base. One of the things I wondered about was percentage of active duty who live on base vs. renting off base.
Liked what I saw when there and love Swansboro.
Hello @Ron Drake I think that the renting to base housing it pretty promising for investors. I see properties getting rented pretty heavily in the Jacksonville/Hubert area. But that's just the thoughts of what I see as being new to investing. Having a knowledge of what the majority BAH(military housing pay) is you can kind of get an understanding what the price range to work around.
@Drew Oquendo Long time no hear.Great to see you hear. Knew I would run into you somewhere on here. We should talk!
any updates in the last 2 years?
Im a new investor in Jacksonville area as well
Im looking for private funding
a jv Partner for a fix n flip
connect with other investors
my goal is buying rentals
look forward to hearing from you
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