First time flipper worried about finances
Hi all -
I am a rookie real estate investor who purcahsed her first two rentals this year. The rentals have been great and the cash flow is awesome. However, I REALLY want to get into fix and flips.
I've had my eye on an up and coming neighborhood for some time and a SF just popped up for sale last week. I have $50K cash available. The asking price is $49K (the house beside this one sold for $133K in 2009 so I think this could be a good buy). I can manage the purchase on my own (as long as I don't get out bid by another investor) but don't know where I will come up with the money to do all the fixes needed (the most pressing is it needs a new roof). It is habitable so I could rent for the short term to give me the opportunity to save up some cash to afford the repairs. Any other suggestions? I am new to all of this so I am unfamiliar with the other financing options out there. Let me know your thoughts. Thank you in advance.