So many options, what would you do in this situation?

Question

I have flipped a few houses now with conventional loans getting started. Made some good money. Bought a 325k house in one of the best neighborhoods. Worth about 450 if fixed up. Been here 6 months with a roommate that rents from me. I don't want to sell this. I would rent it. Currently doing a non-live-in flip that I am funding with hard money. After the flip is done I will have about 80k liquid cash to play with. Should I just buy something else with 5% down and move into it? I have been HUNTING for more flip deals that I can buy whenever i want with hard money. Just nothing really out there. I don't want to be in limbo. Should I broaden my search to out of state?  I am feeling some analysis paralysis. Flipping houses is my main source of income.

James Robert · Answer

I ended up finding a flip deal yesterday and getting it under contract with hard money. The goal is to flip like 6 houses a year and keep one

Caleb Brown · Answer

I'd house hack again, if it's been working keep doing it. Doing out of state works you just need a team in place and deal flow. Happy to chat if you ever look into Kansas City

Kevin Hartley · Answer

Love to chat! I'm in NKY and have been house hacking but looking at expanding my horizons.  Love to connect and see what we could come up with.

Zachary Cain Humphrey · Answer

I believe the location would warrant a potentially successful STR opportunity. 3 bed / 2 bath make great STR for groups and or families and Cincy is seeing some great STR returns right now. Of course this would require the home be furnished, maybe a few accent walls with paint or peel and stick wall paper boho designs through the home. mid tier furnishings, decent interior design. throw in one or two arcade one up machines and take some pro photos. Zinus 12 inch green tea memory foam mattresses. A keypad lock for the door that you can give guests a code for check in. and BAM! If all else fails and it doesnt succeed as rental , could convert to a furnished MIdterm rental and market to insurance relocation families (call insurance relocation specialists - companies that work out these kind of deals) cash flow would be higher than LTR. Make LTR the absolute last resort as it will be poor returns. AIRDNA the home data to see what 3 bed / 2 bath homes in the hyde park area are making. Search the address on RABBU to see what possible returns could be per year, though these are only relative data points and usually websites like RABBU and AIR DNA under project what the home can do with AIRDNA rentalizer feature. Run the numbers and see, STR is the way to go if your willing to do it from a cash flow perspective.

Preston Dean · Answer

Hey @James Robert

I personally would want to get into another property with little to no $$$ down.

My suggestion to you would be to buy another property & maybe take advantage of the new laws that allow you to put only 5% down for a 2-4 unit property.

Buy that at 5% down and turn around in a year from now and do it again and again and again until you no longer want to.

Regards,

Sam McCormack · Answer

Hey James, I am an agent in Cincinnati and Northern Ky. I am thinking it would be good if we can hop on a call about real estate investing and what your options are. I have a good idea of what you are saying, but over the phone would be best I believe. Let me know!

Evan Hopple · Answer

@James RobertHappy to provide Columbus/Cleveland resources

Jonathan Cooper · Answer

I would start building a solid portfolio of rentals, no need to move in there, just start getting some 2plexes, multifamily properties and etc

Benjamin Sulka · Answer

James, that's great to hear! Hoping that everything goes as on-time and on-budget as possible.

Merry Christmas!

James Robert · Answer

Its in Hyde Park right by the square on Linwood. You think it would do better than LTR? its a 3 bed 2 bath.

So many options, what would you do in this situation?

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