Just got my feet wet

10 Replies

Hello BP I am new to the site and REI but have been reading and educating my self along with studying the areas and gaining as much knowledge as I can so far. I purchased my 1st condo cash in south florida which I have been living in for 9 months and now I am in the process of purchasing a Single Family. I am trying to decide what would be my next move as far as renting the condo or selling to fully start my business in buying and flipping.

Congratulations Tavere! You have done what many never do is do something. It is really hard to give you solid advise without know more about your situation.  Do you have access to more funds to buy, fix up , and sell homes? Are you needing this money to live on? Give us some more info on where you are at.

Tavere as you know S. Florida is a good market for renting, but when it comes to the HOAs you have to make sure of the guidelines for the association. A lot of the HOAs have minimum owner occupy requirements or require a full background check for the new tenet by them. So these are things you may want to look at as well.

Originally posted by @Dave Gallogly :

At this time no my cash flow is low so I was looking to use equity from the SFH or money from the condo sale if that is the route I take also other financing options that are available.

When just starting out Financing can be hard. I have been luck to net work with people who cashed out their 401k and went the self directed IRA route. My company then got a loan from their IRA to flip houses. Keep reading everything that you can on BP and network with people, good ideas for you will filter to the top.

Dave

Originally posted by @Dave Gallogly :

Thank You Dave I really appreciate it

Originally posted by @Robert Ehrlich :

Thanks Robert I will look into these and more, appreciate the advise

Could you get a mortgage on the condo at 80% of the appraised value then use that money to put 20% down on your next few properties?  Just a thought.

319‑213‑7458 | Podcast Guest on Show #110

Originally posted by @Glenn McCrorey :

Could you get a mortgage on the condo at 80% of the appraised value then use that money to put 20% down on your next few properties?  Just a thought.

 Thanks Glenn that is the exact idea I came up with and will be doing in the coming months ahead.

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