Help with financing sources, next steps
I am very new to REI, my experience is the following (its all personal...so I am trying to see if that can be leveraged):
- purchased my first home in 2001 for $125,000 did a rehab (about 15K) and sold it 3 years later for $152,000
- I put the money toward a down payment on a new construction (my first mistake) in 2005, the height of the housing bubble. Took a bath on it in a short sale in 2010 during a divorce. I also had to declare personal bankruptcy in 2011 because of the divorce and the balance of that short sale.
- Fast forward 4 years, I am remarried, my wife and I had a house that was owned by her mother, she let us use the equity in the house to rehab it and put it in our name.
- Unfortunately she passed away the same year. My wife and I let her house sit for a year then did a quick paint and carpet rehab and sold it quickly last year. Most of the money went to pay the remaining debt in the estate.
So that is my personal history. Where I stand right now is that I want to get into REI but have little cash at the moment, and I am unsure where to look to raise it. I have about $60K in an IRA that I can tap (with tax and penalties of course), but that to me seems to be a last resort. I am not enamored with the stock market and feel I can get a better return on that money than my IRA does. I have a 738 credit score now and make 6 figures, but the bankruptcy seems to overshadow that. I am 5 years into the aftermath of the bankruptcy.
My goals are:
- Flip my first house in Q1 2017
- Flip 3-4 more houses in 2017
- Quit my job and continue to flip, buy & hold full time in 2018
I need advice on where to go next. What funding avenues can I tap? I am motivated and I don't give up, I just need some direction on where to go next. I am going to start looking at properties to find a deal, but I feel like I need to have the financing lined up to pounce on a deal. Any pointers?