I have been dreaming of quitting my day job for years and getting into the flipping/rehab investment property business. Problem being, always, money.
I recently purchased a rehab property with an FHA loan and we are living there and rehabbing it to build sweat equity. If it doesnt required a licensed professional to do, we do it. Rehabbing bathrooms, flooring, tiling, the kitchen also needs a total remodel. These projects will hopefully translate into a home equity line of credit to fun future investments.
I bought the house @70% of what comps with upgrades would sell for. .. That WAS the long term plan. Not a quick plan, but do-able!
Fast forward to last Wednesday, I was laid off my job. Now my dream of quitting my day job to flip houses is more possible, yet more remote, all at once! I have the time, unemployment will pay me for time off work to get going,, but without a job, the possibility of any kind of conventional loan to finance my first project just evaporated. I am not sure my home equity plan will work quickly enough to have a clear cut career path change...
How far along are you with the rehab? How long have you had the property? Have rooms you can rent out?
Essentially what are your assets? What do you have to work with?
If the answer is nothing. Try your hand at wholesaling.
The rehab is about half done on the new house. We have had it for two months. We still have the kitchen and painting to do.
Not really a room to rent out. I have cash assets to finish these jobs, but not to purchase another home, even at auction.
Wholesaling might work. I know little about it. Essentially what it involves, but i know there are resources on here to find out details. Biggest issue is i have no idea who would take the properties I find!
You may want to check out J. Scott's book here on BP. It should help in this area. Best of luck!