Landed my first rental property for house hacking. My wife and I are wanting to try flipping 1 property in the next 6-8 months. So I’m looking for advice on few topics and advice in general for 1st timers.
-Money/Financing: We have very little and are looking into doing Hard money combined with “partners” money. Good or bad idea? How would you do it differently?
-Deals: I’m looking at doing “driving for dollars”, door knocking and realtor. Any other ideas that helped you find your first deal that didn’t cost and arm and leg (not trying to be a cheap *** but working with what I have). How much did your style of marketing cost?
-Misc: Anything else I should watch out for? Be worried about? Any 1st time advice at all would be great!
Here is my basic brainstorming plan as of right now:
1. Find a deal
2. Analyze Deal
3. Make an offer
4. Due Diligence and get contractor to estimate rehab.
5. Find financing (Hard Money and Partner)
6. Get financing/ close