Colorado Springs learning to be REI
Ok well I'm 22 years old living here in the springs I am in the military. I have been looking into real estate investing for a while and didn't know where to start I did a lot of reading and I seem not to be sure if I am going on the right path or not as far as my plans.
1. I was planning to buy a home to live in that is a fixer upper while I'm living in it. I can do most of the repairs I have good experience on all most of the remodeling.
So I was thinking 6 month time frame in living in this house and flipping if for a profit .
So now is what type of loan do I use I don't have much money saved up. So that leaves me with VA loan or FHA? Or ?
So far that's where I'm clueless on the financial part .
Any helpful advice where I can look ? Or send me in the right direction?
Most Popular Reply
Victor,
While I am not an expert on REI. I did a similar thing. I bought a foreclosure while I was in school at Fort Gordon. I was there for 9 months, during that time I did all the repairs, lived in the house with 3 roommates who were in the same school. I sold the house as I PCS'd to Colorado. I would use my VA benefits as this will allow you to get into the home with no money down and you can use the cash you have to rehab the property. Once you sell you will be able to use your VA on the next home. I would try to find a real estate agent they will usually have a couple of lenders they work with that will be able to explain the loan process. Good luck!