I'm want to flip a 1 bedroom, 1 bath condo next summer of 09....I dont have any prior experience in flipping homes...just some T.V show and book knowledge...how Im preparing so far to make this happen is to...

1. take some real estate courses this summer (dont know which ones yet...any advice?)
2. go to some real estate seminars
3. fix credit score by paying off some debt (anyone know a company to help me with that?)


I have more than a year to prepare myself for this investment...just need some advice on how to start from scratch....I dont understand the whole borrowing financing thing...any suggestions will be greatly appreciated...by the way I live in NYC...I work part time, go to school fulltime, and a mother of two boys ages 6 and 3...so I have a pretty tight schedule to begin with...I only have the summer free from school and work but not as a mother.

Thanks

Where are you purchasing or looking at the property? If it is miles from home, a rehab/flip may be difficult - meaning that you don't have a lot of expendable time to go through with it.

Plus, it is difficult enough to have contractors work on your personal residence, imagine what it's like working from hundreds of thousands of miles away.

Next, you may want to consider the holding costs. When you finance, which you said you were not sure of, it should be considered at what payment can you keep making to the bank as the property goes under way. There are many many factors that can make a flip good or not.

Are you buying the property "way" under market price? What is the rental demand like there? Have you considered getting a property inspection done? How about interviewing property managers?

Aside from your post, what are you trying to gain by investing in real estate?

Cash flow, long term equity gain, tax benefits?

If you are still interested in investing and have more questions, feel free to get in touch with me. I live and breath real estate investing, it is my only job!

Look forward to hearing back from you!

Denton Ward

you definately need to get rid of that debt and have great credit in today's market. Banks are being really tough these days. Its much harder to get a loan

That is so true. i would work on that before going after the loan.

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Looking for Scottsdale real estate.