Updated over 10 years ago on . Most recent reply
First time home buyer, in-house flip, FHA
Hello BP! Avid listener to the podcast, first time forum-poster. I am looking to mortgage my first home using a FHA loan. I want to do an in-house flip in the Virginia Beach/Norfolk area of Virginia and looking to mortgage no more than 60k. I am pumped to get started in real estate. Long story short, I'm open for any and all advice that BP has to offer. Thanks!
Tim Ponessa
Most Popular Reply
60K will be tough in Hampton Roads. I think you should raise it up to 100k and look in Norfolk. Find an area with ARV of around 160k and purchase at around 100-110k. That will leave you room to rehab and make a good chunk when you resell in the next year or so.