Updated over 8 years ago on . Most recent reply
Upper 600 credit score, 10k cash and a 9-5!
hi guys new to BP and real estate investing as a whole. Been looking at a few strategies and think flipping suits me best! I'm lookin to get in the field this summer! By that time i will have an upper 600 credit score, 10k cash reserve, and still working my 9-5, I'm also a first time home buyer. Thoughts on the best possible strategy?
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Basically, the first step is learning. Once you feel comfortable,it is time to get pre approved. The bank won't give you investment money man.. not right away. Not in that scenario.. I would recommend this... Find a property below market value. You should buy at most 80% LTV. (loan to value) So if a house is worth 100k, you should pay 80k. Take out an owner occupant loan. You can put down 3.5% through an FHA loan, assuming the property is in good condition. Over the course of a year or so, fix the place up. You make money when you buy. Be sure to capture equity the moment you buy it. Everything else will be a bonus.