Newbie Just Starting
hi my name is tyler and i am 19 i work two jobs a fiberglass tub repair and at a home depot i was talking a a friend there and he told me about flipping properties i really want to get into the business and stop working 10 to 17 hour days i have a few questions
1 what is the best way to start off
2 where can i get contract
3 how can i find out how much the house is worth,how much to sell it for and how much do the person/people own on the house
please help tyler
this depends on a lot of things. How much cash do you have to work with(not that you need any)? How are your credit scores? What exactly do want to do (rehab and flip, birddog for a fee, wholesale,ect.) For me I chose reahb and I have a good credit score(680). So my fist step was to get set up with a local lender to see how much I could get approved for> then I knew what properties to go look for. All lenders are different with different programs so shop around to see which one has program to suit you. Be careful though not to let each one pull your credit though or it will drop your score. You can go to www.myfico.com and get a copy of your score from all 3 agencies for $29.95 kepp this and bring it with you when you go shopping lenders this way they want have to pull your credit until you have found one and your ready to buy. I also suggest to shop around for a good realtor. This will cut into your profit but getting started they can help you a lot. They will help you with finding good deals and and tell you hwo much the property is worth by pulling comps. However you can do this yourself at your local court house. You can get comps and probably find out how much owner owes (not sure) just a little time consuming. Working 2 jobs it may very well be beneficial to you to let a realtor do this for you. Its kinda like a partnership between the both of you. He/she finds good properties (they can find foreclosures and preforclosures also) for you and tell you how much you should be able to resell for and advertises the sale for you and you pay them for there services after the sale. As far as the contract, what kind of contract? If your talking bout purchase agreement you can a generic one form your local Office Depot or any office supply co. Anyway hope this helps sorry for rambling, its late!! Best of luck to you.