Updated over 19 years ago on . Most recent reply
About Rehabs...
Hello all- I am somewhat of a newbie and have MANY questions (I'll try to stick to the most urgent. First though - my position is this: I currently have a high paying day job, great credit, and I own my own home (fixer upper) which I happened to run into just before it went to auction, got a good deal (or so I think) and though I've only been in it for a few months, I have some equity in it. I intend to hold onto this house for awhile til I finish up remodeling and then sell in the next year or two. I also own my previous home - a condo which I rent (I just brek even, but am not in a good equity position to sell, I have good renters in it and I believe it's a good piece to hold onto anyway).
Meanwhile - What I'd like to right now is find a good piece of rehab property to flip or rent. I have a lawyer I trust, and a great network of contractors, and am very handy myself.
So onto my questions:
1. Financing - It seems my best bet is a hard money loan as I have almost no cash to begin with? Would that be right? I have good credit and can refi several months into the project.
2. What's the best way to find rehab property? I know a sharp realtor, but I have not asked her what her expertise is with investment properties, or whether I should even enlist her help here, if there are better avenues?
Sorry if these are dumb questions, but I'm starting out and don't really have a clue. Any advice is greatly appreciated-