Updated over 10 years ago on .
First Flip in KC!
Hi BP,
New to the board and am getting very close to purchasing my first flip. I heard this is the best place to network within the REI community. I'm in the IT industry but looking to get away from the desk 9-5 life and I've always been really interested in real estate and would love to create a career with it. I feel at the age of 23 that I'm not taken too seriously at times but I'm determined to succeed.
I'm approaching uncharted territory but that's what has me excited. I'm receiving private/family funding for my down payment/repairs/updates/realtor/taxes/closing costs to the property. My self and a family friend handyman will be performing any repairs or updates. My biggest issue is what type of mortgage to take out once I do find that perfect property. Am i able to tell the bank that my first flip will be a primary residence and not have to exactly live there or can I only strictly take out a short-term investment loan which carries a heavier down-payment. I'm really only concerned with the initial down payment. I'd only be making a few mortgage payments so the interest rate wont be too much of a concern on a long-term loan. I'm not trying to get in trouble tax wise once it comes to selling the property and I'm sure I'm missing something here. Any wisdom will be appreciated!