Hi there, I have been kicking around the idea of real estate investing for a couple of years now, reading different books off and on and finally decided to take the leap within the last few weeks. I did place an offer on a bank repo but the deal fell through after getting a quote from a contractor which was well above the budgeted amount. I have got myself set up with a broker who specializes in private lending so I think things are good on that front.
My plan as it stands now is to move my family from our current home into a new home. Our current home is owned free and clear and probably worth about $110,000. We are planning to take a private equity loan out on this property and put 20% down on our new house with the remaining 80% being financed with a traditional mortgage, use about $30,000 to do some much needed updating on our current house and than list it around the $150-$160k mark. Once that sells the profits will be invested into future flips with multi units being snagged up whenever the right deal presents itself.
I truly appreciate any and all input!
My plan as it stands now is to move my family from our current home into a new home. Our current home is owned free and clear and probably worth about $110,000. We are planning to take a private equity loan out on this property and put 20% down on our new house with the remaining 80% being financed with a traditional mortgage, use about $30,000 to do some much needed updating on our current house and than list it around the $150-$160k mark. Once that sells the profits will be invested into future flips with multi units being snagged up whenever the right deal presents itself.
I truly appreciate any and all input!