Im a newbie from san diego and i plan to move to el paso texas. Im looking into buying forclosure homes , fixing them up and flipping them, and later on moving towards brrrr stragety , whats your guys input on this decision?? I currently have 85k to start up .
Hello @Gabriel Ruiz , welcome to El Paso, Texas.
You can get started with $85K, but the ideal way to do it is to use other people's money to maximize your returns.
I use local hard money lenders that have diverse terms and use them depending on what my goal is.
For flips, look for no prepayment penalty and low origination points.
$85K will only get you a 1400 - 1800ish sqft single family home depending on the area, then you have to look at the cost to fix it. The good thing is the El Paso is known for much cheaper cost to remodel a home than the average US cost.
I work with local fix and flip investors and are getting them 1-2 homes per month, there are a couple decent meetups for investors. Once you are here let me now and I will recommend you some.
@Yasir Einaudi thank you very much for your input i will contact you when i arrive
Sounds good @Gabriel Ruiz , when are you in town?
Would be nice to chat and talk about the market of El Paso,
Let's grab a cup of coffee.