first time investor/203k fha

[Jody Roussel]

Hello Everyone

Im a newbie in CT looking to begin her first flip! I'm looking into REO homes to purchase, rehab and possibly occupy for up to 3 years prior reselling. (tax incentive)

Although there will be instant equity if I keep purchase price and rehab cost at the margins no greater than .6-.7 % of estimated ARV, are there any suggestion experienced flippers have to offer? Which circuits do you browse for the tri-state region properties, do they still hold local court house auctions?

Thanks so much :)

[Jody Roussel]

@Dave Spooner

I've been browsing fannie maes home path properties (I also took thier  course and recieved certification jic i can have them cover closing cost!), hubzu for for properties with finanacing considered and the daily mls. The appeal of a deal for forclosures is so alluring specifically so when you can find them in huge mark up areas in CT. 

I have considered house hacking with multi units but want to avoid the owner occupancy at all cost, the school systems in towns where purchase price/roi are favorable are less than stellar. I have also taken into consideration chfa grants and tax incentives for 2-4 units. 

Cash flow is essential for future acquiring of properties and obviously being able to begin my portfolio as well!  Im begining to debate gaining experience through flip and sell verses being limited to only one property after acquiring and holding to build equity. Although renting out these sfp are possible!

so much to consider !!!