How to leverage equity for first flip purchase
Hello! I'm so new to this site as well as the real estate investing arena. I'm currently doing interior design/furniture rehabbing, but am getting ready to pull the trigger on my first flip. I spend so much time at salvage shops, finding such great deals on building supplies and have no where to put them! I love having my worlds colliding designing and real estate. I have an amazing contractor that is will in to do the work at cost and take a cut of he profits...my thought is, he will have a vested interest as well! He has done work on my home and we have worked together other projects too.
I have been looking at a FM owned property....it's a small investment, which I think is ideal for my first flip. Haven't solidified my financing yet. Since I own my home outright, should I borrow against it? Or should I find a private investor? I don't want to borrow from family....that would be a last resort. I would love to find a networking group in the Canton-Akron area, and ideas?
I'm excited to begin this chapter of my business.
Cheers,
Elizabeth