I work as a travel RN 13 week contracts building up money to flip homes. My position has helped me build about 10k in cash. I own a home in Indianapolis foreclosure about 40k equity. I also have about 17k in 401k and 4k in stocks. Any ideas how I can start flipping? I am having a hard time selling my condo in Indy (I am attached).
Dunno if this is the obvious advice, but try to leverage your cash as much as you can. Just because you have it does not mean you have to use every penny in a rehab. In most cases, even if you have all the cash, it still may be wise not to use it and maybe crowdfund or use private funding so you stay liquid... just in case.
I would start with a small light fixer. Nothing too heavy so you can get your feet wet and see how much you like it. See the whole process.
Then, see what parts of the process you enjoy the most... and totally immerse yourself in becoming the expert in that part of it.
Then find the part you liked the least, and make it your goal to add a team member who enjoys that part to take care of that.
Bit by bit....ideas and projects will come together and flow.
Thanks James. I already bought my condo underpriced did ceiling fans/appliances/ and about to do flooring, but I feel I may buy another to flip something small for retirement income investment. I wish I could do real estate full-time but I will stay an RN for awhile longer.
Meagan. Try finding a partner to do a flip with. You can get a line of credit on your equity to help finance deals and use it for repairs as well. I leverage my rentals to keep funding purchases.
I would do what Adam said. Unless you can raise some private money for a better interest rate.
Yes, I take home great money as a travel RN, but since it is contract and most of it is stipend (non-taxed living expenses), I don't know how easy it will be to secure a loan. I have been saving $3k-$4k a month. I am building up.
@Meagan Ruxer Be careful of short inventory and settling for poor deals. Indy is hot right now. The best advice I can give would be partnering with local folks who know what they're doing to bounce ideas off of and maybe doing a joint venture attack with a seasoned flipper. This would allow you to put in minimal equity while still seeing the project come full circle.
Let me know if I can help in any way!
Yes, Indy is hot, so many deals I see. Thanks Evan. I see you are a broker and I may rent my condo there soon. I am in California and Reno working as a travel RN. I'd love to hear more about what you do, email me sometime.