New To Flipping Need Some Advice.
I am new to this type of investing and would like to get some advice from experts. I have many questions to ask so if someone would contact me via email I would appreciate it .
Thanks in advance.
Post your questions
Okay here are my questions.
1. How do I go about getting setup with a credt line from either private lenders or hard money lenders?
2. How do I determine if a property is a good investment?
3. Is there a percentage of value after repairs that I can use as a guideline? example if a property costs 50K, needs 35K in repairs, and the comps come back with average sold price of 95K. The after repair value percentage is 89% (loan amount / selling price). Is this a good percentage or not and is this the correct formula I should use?
4. What is the rule of thumb for property location?
5. Is there a guideline that I can use to set a purchase price?
6. Is there a guideline that I can use to set a selling price?
These willbe good to start with.
Thanks[ Edited by rjsjt on Date 08/18/2005 ]
If your using Hard Money Lenders they will dictate the rules.
man flipping condos sounds like a great low risk way to get in. A lot of them on require a $2000 down payment, and you lock in a price. by the time it is done, its worth 20K plus more. If markets go sour, you can back out and only lose $2000 instead of alot more. good luck