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- Columbus, OH
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Making the transition from a live-in rehab
I recently purchased a live-in rehab project with a targeted 12 month rehab and resale period. I bought the home because it is my kids last year in a private school in the city; meaning we need to relocate to another city at the end of the 12 month period. And this is a perfect entry for me into real estate investing. My question is how do I exit the home, place my family in a temporary house in the new city, and use the proceeds from the sale of the investment property to roll into another investment property. I can only have one FHA mortgage...do I need to find a hard money lender, or HELOC, a 1031 perhaps?...thanks in advance for the advice.
- Brandon Sturgill
- 937-979-7000
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#3 Guru, Book, & Course Reviews Contributor
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- Springfield, MO
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#3 Guru, Book, & Course Reviews Contributor
- Investor, Entrepreneur, Educator
- Springfield, MO
Welcome Brandon to BP!
Not to be a SA, but did you know that getting in this house? The best way is to get the work done in 8 or 9 months, no rehab should take tah long, unless it's a reaaly big historic home. Get'r done, get it on the market, set a closing date, move, find another place, stay at a hotel, close on one and close on the new one. You can get a new loan subject to the sale of your old home. Good luck... :)
IMO, stay away from Quicken, rip off artists!