Crossroads Payoff House or use money to start flipping
Hello everyone!
I am reaching out for some advice. My husband and I decided to flip our beautiful home so we can start our dream of flipping houses. We will have about $300,000 free and clear after the sale of our home. We are contractors and were going to use most of that money to build a house on a piece of property, we own free and clear. That way we wouldn't have a house payment.
Now I am thinking maybe we should hold off on building and buy a few homes to flip with that money instead. We have three children so we would have to have a decent flip home to live in while we get a few projects going.
Or should I start building our home with a loan and use the cash from selling our home to start flipping...?
Anyone done something like this?