All Forum Posts by: Drew Davenport

I've found a SFR property that is listed at 108,000. Very sought after area currently. I know that when I remodel a few things and do some updates I can rent it for 1250. I'm using an FHA loan to finance this and will be an owner occupy at first. Total cost with mortgage, PMI, and taxes of 830 a month. I'm hoping to get in there quick and flip it (DIY), then refi as soon as possible. Planning on doing most of the rehab myself. Planning out every step of the rehab and buying all my supplies in bulk all at once for (hopefully) a solid discount. There are several houses on the street going for high 120s and low 130s with being updated that are very similar. I offered 100k seller pays closing right off the bat. They countered at 112k seller pays closing and will buy the home warranty plan for 600. I saw it appraised at 108 this year on our county assessors web page. I'm kind of in an analysis paralysis. This is my first dive into real estate. My goal is to use the BRRR method. I've made a few offers here and there. I think that the rental numbers look great. Just not sure if the rehab refinance numbers are that great. I'm at the point of saying hell let's do it and see what happens.

Okay I am new to real estate investing. I have purchased several books that I read almost every day. I joined my local investor group and have been networking and taking classes on how to find deals and work comps. I've created a criteria for houses that I am willing to buy and the areas in which I will buy in. I met a Wholesaler in my area who has a house under contract for 60k. My question is.. When buying from a wholesaler, do I have to buy using all cash or can I use a mortgage (conventional or FHA)? May be a dumb question but hey if I don't ask I'll never learn, right? I feel pretty confident that I know enough to get started and I know that I'll learn more from doing than reading books, although I've learned quite a bit already from doing so.