I'm new to REI. I need help on starting out. I'm also looking to connect with those in my area. My goal is to buy my first house to flip within the next year. I watch a lot of flip shows on TLC and I can't wait to join the party. For me it seems fun. So if anyone got any tips and is willing to help me try out my wings, I'm ready.
Is good credit recommended on flipping houses? If so, where should my credit range?
I have no money so I'm looking for someone who is willing to go in on a deal with me and we split the profits.
My future goal is to make a business out of selling, buying, flipping, and renting property. I want to be successful so I can quit my day job and persue my life long dream. Although I'm currently in Miami, I also plan to buy property in my hometown back in Louisville, KY. By that time, my business will be running smooth and I'll have the money to go back and forth.
I look forward to hearing and speaking to anyone who's willing to help.
Welcome to BP @Mikeala Weaver ! Have you been to a local REIA yet? I would recommend that you go to one and learn who some of the players in your market are. Then keep networking and learning so you can build your team. Good luck!
Welcome to BP Miami is a very expensive and competitive market it will be hard to operate with no money.
Hi Mikeala and welcome to Miami :) I would say good credit is great regardless, but especially if you plan to use leverage to build your business (if buy and hold is in your future). Typically lenders give the best rates to borrowers in the 700+ range. As long as you factor the interest rate you are eligible for when you are calculating your potential profits you should be okay. You could also look into hardmoney/private lending as I believe they have different requirements (I'm not too familiar with the process however so do your research!).
Miami is a very expensive market but I am sure there are deals out there, we just need to get creative with finding them. It would be best for you to try finding a realtor and have them give you a better idea of what you will need. Also, be sure to join any of the dade/broward county meetups! There is plenty of people there to bounces ideas off of.
It is an expensive market, there are still deals to be found. I would definitely recommend checking out a local REIA, there are a lot of meet ups in the area that can really help in networking and getting in touch with more people.
How do I find a Broward/Miami meetup?
hi Mikeala we can meet up please contact me