Hello, my name is Daniel I'm 35 years old and I'm looking to buy a home to flip in my area. I have several years of building/construction experience. I'm comfortable doing almost any job or task required to build a residential home but I don't have strong enough finances to build a spec home so I'm looking to find a very cheap house to flip instead. Here's my financial situation. The good. I have $40k to invest. I own a river lot that is totally paid for that is worth about $45-$50k that is presently for sale but til then that money is locked up. The bad. I am not able to borrow money because of my lack of credit history and low income reflected in my tax returns. That said I'm looking for advice or suggestions that take into account my particular financial situation, in other words would any of you be so kind as to make suggestions as to how I might best use the amount of money that I have and my skill sets to start flipping houses. I've made inquiries at a few courthouses in my area regarding notices of default, foreclosures, auctions, tax delinquent properties etc. and have basically gotten a lot of blank stares or what seems like the run around. I'm really at a loss as for how people in my area are able to find these types of property considering what I've experienced thus far. I really need some advice and would appreciate any you might have to offer. Thanks.
If you don't have any networking or eyes on the inside ( local bankers and brokers ) you need to find that killer short term owner finance. Save your cash for some down money and the rehab. I have been in your shoes before and they are out there. Have you thought about a FB post or CL ad. Maybe some mailers and a little driving for dollars. You want the hoarder house, the one grandma has to move from. Those are my favorite. You have to play harder than anyone else to find that first deal.
Another tip. Don't do the inspection alone. I never hire an inspector but I have construction friends, small time builders. Together we uncover most of the surprises. In a few hours you should have some rough estimates of supplies needed. The biggest cost is usually labor so the more you do the more you save. I like to hire out the ugly part, that's where you fill the dumpster when starting. Please keep us posted.
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