I have 60K to use in order to buy and quickly sell a foreclosure. It would be great if I could buy and sell 2 properties between now and Dec 31, 2019. I would like to know if 1. You think it’s possible and 2. I’m trying to develop a small team of essential members needed to help this FLIP go smoothly—any suggestions on what essential members I NEED to have on my team? I was thinking I would need:
2. Home Improvement Team
Again I only have 60k. I’m not trying to get something that needs to much work however I don’t know if 60k is even enough!! I’m looking at foreclosures that are less than 200k.
Please help. I’m looking to retire in 2020
Have you read David Greene's book on Long Distance Real Estate Investing? He often talks about the "Core 4" - but since you aren't planning on renting, you probably don't need a property manager. Would recommend getting a:
2) Agent/Deal Finder
I know you aren't looking to invest long-distance, but I think that book would help you wrap your brain around how to systematize.
@Dudley James Irvin Hate to break it to you but you won’t retire off two flips this year. 60k cash for a 200k property is really not much. It’s down payment plus some rehab. Could you get ahead a little - sure. Start something - yes. Retire - no.
I would recommend finding the very best agent in your area that specializes only in helping investors. You could go a long way with the right advice. Good luck!
Thank you Nick. I will purchase that book ASAP.
Thanks Minna!!! I was looking to retire in 2020 or 2021. Once I complete the cycle of buying and selling, I will then be able to know exactly what it takes to buy, flip, sell. I just need to get my feet wet. I have to start small—starting is key. Thanks for your reply. I appreciate your insight.
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