Success/updates from Military investor while stationed overseas
Closed on flip #2 6 weeks ago with $14k profit on $83k investment that took 5 months to do. Not the best return but not a bad return either...
Seeking flip #3 but havent seen many opportunities with much meat left on the bones. Most wholesalers #s are off on ARV & Rehab estimates which makes it a bit of a challenge and makes me more skeptical when I review a potential deal. Hoping to find a flip soon.
I would love to hear others strategies with balancing flips & rentals... I am struggling with how I want to balance flips & rentals. I like the rentals to generate cashflow and steady income that will offset my income when i retire in 8 yrs, but i love the cash generated from flips. Will need to consult with CPA & Real Estate Attorney (need to get one soon) to better guide me on my investments.
In the meantime sold a 4plex that I owned in Great Falls Montana and was able to tap into the equity I had built in it over the last 6 yrs. Cashed out $88k equity while paying off the existing mortgage! Using that to buy a 4plex in Dayton Ohio for $75k that will need $35k in rehab but rents should = $2200/mo after done (which equals 2% rule) on a brick 4plex in Huber Heights area of Dayton.
Also the rehab on the 2 duplexes bought 2 months ago in Dayton Ohio are coming along...lots of work needed but 1 duplex should be done soon...the other duplex will be put off until we get the newly acquired 4plex is rehabbed and rented.
Next step will be to cash-out refinance to invest that cash into some other deals! Looking forward to growth over the next 12 months.
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