Hi all, haven’t been on this site long, but I’m learning a lot. Been listening to about 4-5 podcasts a day. I currently work 15-17hour days through two jobs. One is my main job(yardman at a concrete plant)and the other is to supplement income(valet trash). I am working two jobs to pay off my credit situation so that I’m able to buy the house my wife and I want in 3 months.
The house will be cheaper than my current $1300 a month 1bd/1ba apartment. We will need to update the house as it is likely to need a new roof and some other things. Nothing too crazy has been done to the house since it was built in 1965. Not sure what the total cost of the renovations will cost.
We plan on keeping this house for a few years until we are able to move down to Austin Tx. When we do that I would make this property a rental. My problem is I want to buy this house for several reasons like being able to give my three dogs a yard and other things. I also want to get serious in investing.
Our first step I think is to flip some properties to raise some capital so I can buy cash for a deal. I want to establish myself as a reputable source for investors to feel comfortable investing with me. Next step would be to build this as a formal business getting all the ducks in a row if you will.
Any and all Information would be awesome as I’m still trying to learn as much as I can and I’m sure I’m missing something.
Hi @Chris Rose !
Great intelligent question! Don't worry, I'm still learning too, we all are!
In terms of your questions, I recommend networking with other investors. In almost every network meeting there's going to be a hard or private money lender somewhere, or someone in that group knows a lender.
Flipping is a great way to get started! And establishing TRUST with the hard money lenders is very important!
I really can't say much because I'm not a flipper or know a lot of hard money or private money lenders, sorry I'm going the rout of wholesaling to generate money for rentals.
@Chris Rose Buy a duplex. Owner occupy one side... Its much easier.