How can I get this ball rolling!?
Ok, I've posted my story in here before, but not since ive upgraded ;).
So I am Danielle. I am from a very small town, I am working extremely hard on repairing my credit score, but it will be another year or two.
I have developed a business plan and I am so excited about it. Now I have this triplex just staring me in the face, waiting for me to get started! The price has dropped to an extreme low after it went up for auction and the buyer got it for hardly nothing and is trying to flip for a profit without making a single repair. GOOD for them, but I know what they paid, and after having a plumber walk through with me, I know the costs of repairs just to make it livable. It also needs all new appliances, as the previous owner stripped the place before his foreclosure.
Here is what I want to do... tell me what you think. Please be honest!!! Long read sorry!
I am seeking a $50,000.00 private money loan. (Yes this will cover everything and leave the apartments in a very nice living condition). I would move into the middle story while making all repairs. This way my monthly payment for rent will go toward paying off theloan for a few months until I find renters. (This will not be difficult in my town) once renovated and rented out I will refinance the home through a bank with a traditional loan. With the extra money from the refinance I hope to get 1-2 properties in the late fall when prices drop extremely low (people dont like paying to winterize their homes and maintain for in the extreme winters. My construction crew have winters off, therefor they can work full time with me getting these homes ready for either sale or rental properties (depending on the home and location of the deals I find) by spring, when prices are up again and students are back in town.
I would love to repeat this process every year, moving into the city when funds are higher, where I will flip Victorian homes and possible have vacation home$ ;).
oh yes, I am also considering recieving a realtors license... unsure?
Any advice? Input? Where to find my $50,000 to start :) I will take what I can get you guys!! Hope this wasnt too long of a post.
Thank you for your time!