I know what I want, and what I should do to get there, But how to begin?
I just turned 18 and I plan to move out, and begin working towards a successful and stable future. My plans are to attend college and finish with a degree, and then invest in realestate while im working.
I have helped my father for years now, with his realestate investing, (flipping properties) but I am uncertain about one thing. Since I will be living in SF, obviously I cannot buy anything in the city, possibly the state…. How and where do I go about getting a place to makeover and resell for more, I am at abit of a loss here. Any tips or advice is greatly appreciated!
Ahh, but that is what makes you an investor. You need to know where the leads are and then chase them down until you come up with something you like that is reasonable. You might want to start looking at FHA HUD housing.
FHA Reform
The proposal in Congress, Expanding the American Homeownership Act, when enacted, will help FHA to reach more prospective borrowers and allow millions more families to achieve the American dream of homeownership.
February 8th, 2010 at 5:11 pm
all i can say (which is not really any big news) is buy low & sell high.
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February 8th, 2010 at 5:29 pm
You may be able to get fixer-upper in places like Pittsburg and antioch to try your scheme
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February 8th, 2010 at 5:42 pm
Ahh, but that is what makes you an investor. You need to know where the leads are and then chase them down until you come up with something you like that is reasonable. You might want to start looking at FHA HUD housing.
FHA Reform
The proposal in Congress, Expanding the American Homeownership Act, when enacted, will help FHA to reach more prospective borrowers and allow millions more families to achieve the American dream of homeownership.
References :
http://www.hud.gov/offices/hsg/
February 8th, 2010 at 6:21 pm
Baby steps. Unless you want to drive out of SF (or farther) every weekend to check on/work on your flip, you don’t have much choice but to look in your area. Look for apartments/lofts/condos, etc. that might be more affordable and start there. Good luck
Rick
http://www.fairwaymortgagelending.com
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February 8th, 2010 at 6:36 pm
One thing at a time! You’re 18. You have the rest of your life to make millions. Go to school full-time and look for rehab properties in your spare time. Line up a property for the summer months. That way, it could be anywhere in the US. Do your homework (no pun intended) while attending school and make all the arrangements to be ready to rock and roll on the flip as soon as school is out of session. Martinez, CA is not far out of San Fran and has some potential properties.
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February 8th, 2010 at 7:01 pm
Setting up your credit and income profile is where you should start.
Here is some additional info. Hope this helps.
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See how easily you can purchase a home
http://www.tomvoli.com/2006/11/22/see-how-easily-you-can-purchase-a-home/
February 8th, 2010 at 7:42 pm
You’re probably going to have to move yourself then. Very difficult to flip property that you can’t keep a constant eye on or on your contracters. As well as the market going soft it’s not as sure a thing as it used to be. Your father probably has more money to risk and invest than you do or will for years to come.
Check the USA Today money sesction archives as they did a really good article about it maybe a month or so ago.
Good luck, hope you don’t lose your future
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February 8th, 2010 at 8:26 pm
First you need a good mortgage company then a reliable agent. But if I were you I’d move to a norther state if you can like Utah better & eser to find a home for have on what you will pay in SF. + market is a lot better 7 safer for the buyer & seller. If not the jut be werry cere ful with finance part & the agent ofcorce I know becauce I own a investing company in Utah. Next option in Florida but market is litel bit shaki. Well good luck, best wishes & hope every thing goes the way you planed
References :
http://www.utaharealestate.com http://www.utahomes.com
February 8th, 2010 at 8:36 pm
Since you have no money nor credit, you have to flip assignable purchase option contracts to other investors or even retail buyers until you have the means to purchase these properties and flip them for greater profits. Each house you flip should cost you a dollar and about 15-20 hours of research and effort.
Regards
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Satar Naghshineh
satarnag@amirifinancial.com
California Licensed Real Estate Broker and Investor