Let's Give Those First Time Buyers Some Rules!

[Seattleguy527]

Great response!  I think I just misunderstood your post, or more specifically, I misinterpreted what you meant by "fixer."  But that's not real surprising considering I'm still learning. 

Thanks again for taking the time to write out that response, as well as the initial post.  I know you don't have to and I know it probably took a while, so I appreciate you taking the time to share your knowledge with those of us who are still wet behind the ears.

[Seattleguy527]

Great post!  I appreciate you taking the time to write that up for us noobs. 

A couple of questions though... if someone has no rehab skills and/or limited to no money to sink into repairs, would you still stick to this advice?  I get what you're saying, and I don't necessarily disagree with it, it just seems like going the "fixer" route, especially if someone has no experience with them, would be a pretty big gamble.  I've heard more horror stories than I count from people who had rehab projects go south, and those were people who actually knew what they were doing. 

For the record, I do understand that fixers will sell for much less than houses that have already been renovated with all the bells and whistles.  And I also understand that, if done right, a fixer will provide a great rate of return.  I certainly wouldn't overpay for a house that has already been renovated, but the flip side of that is that I don't think I would be real comfortable buying a place that needs major repairs (minor repairs -- carpet, paint, etc. wouldn't be a big deal, however). 

Thanks again for posting.  As I said in one of my other posts, I appreciate all the knowledge you guys are willing to share with the beginners!

Seattleguy,
                  I would recommend wholesaling or bird-dogging if you have limited funds. Being "house poor" is no way to invest in RE.

JP

Yeah, I think you're right.  Wholesaling seems to be the consensus here when dealing with limited funds.  I bought a home last year and also paid off some debt, so I'm in the process of trying to replenish my savings.

Thanks for the response!

[ericmedem]

"9.  Do it now.  Do it soon.  Do it imperfectly, blindly, half-scared to death.  Just do it.  Go buy a piece of crap."

I like that.