Next steps to financial freedom
Hello BP community,
In an effort to continue on a path to financial freedom, I’m at a bit of a crossroads. I have 16 years experience between real estate appraisal, new construction management and currently remodel contracting and have learned a few of the hard RE investing lessons between 2005-2009 that have only made me stronger....and more cautious.
My goal is to flip some houses in the central Texas (ATX-SATX area) but need cash to purchase with any buying power. My Austin TX residence is currently doing great after adding an 1br/1ba ADU addition 2 years ago. It has 300k in equity and will cash flow 2k/month once I move to my gf's house and am able to rent out both units. However, having a small business for the last few years, Im told I'll have a hard time refinancing to pull out cash and also don't want to leverage that position if I don't have to. Each time I calculate finding a financial partner to purchase, (I've got only enough capital to do a small/moderate renovation), there isn't enough upside to make it worth the risk for any of us.
Does anyone have any detailed partnership models where one person purchases the property and the other brings the renovation capital and complete project management? I’m also in process of getting my RE agent license so we can save a bit on the sale. What are the breakdowns like?
Another option would be to sell my house, but the Austin market is just too hot for that right now. I know there is some formula for determining if one can do better by liquidating an asset vs holding for equity....though I can’t find the BP podcast that specifically mentions that.
Thanks for the ideas!!