flipping houses in Syracuse

2 Replies

Hi All

Hoping to get some info on flipping in Syracuse and surrounding areas. I am from here so very familiar with different areas and such. My boyfriend and I will be doing this together. He has about 20+ years of all aspects of construction behind him. I will be doing a little of the labor but mostly taking care of the finances and financing part of it which brings me to my first question. We are going into this with basically no capital. For the first few we are going to have to get really creative. I own my own home but just bought it recently so have not alot of equity to pull from. So our biggest issue will be money to buy the property. We want to start very small, we are looking at some foreclosures in Liverpool area as that is where I am from. I do not want to put alot on the line for the first few. We do have collateral of about, hmmmm, maybe $40,000 with all the equipment my boyfriend has from owning his own business. So would i go to a bank (for me a credit union) to ask questions on the limits of financing options. Who do I speak to? Next question is what is difference between HUD home and foreclosure? Is there one more difficult to buy than the other? Are there good auction sites or good foreclosure sites that you would recommend? Do they usually come with fees to use sites?? Ok that's it for now. Thanks in advance for your help.

Kim

Financing will be a challenge, if you have good credit, and you DTI low, with a decent income, a banker may work with you, maybe on a construction loan, I do Commercial as its less hoops, A HUD home is a property that was forclosed that the loan was insured by FHA and they took it back from the servicer, its a foreclosure, like any other, just the process is a little different. DONT PAY for listing sites!!!! most are outdated, and pull from MLS anyway, get your money in order, and find the Brokerage with the biggest number of REO listings, and see if one of there agents will work with you, there are lots of ways to buy, but REO is the beast at first, I do Auctions, both Sheriff and online, but that is risky if you are not experienced. Good Luck!!!