Should I Leverage My Flip Property??

1 Reply

Hello BP, I am coming toward to the end of my first flip property (so many lessons learned!) and the contractor is dragging his feet to finish minor repairs (light covers, clean the home, minor corrections, etc.). The biggest hold up is the vinyl siding being installed in the cold winter here in Chicago. The contractor says it’s too cold but siding companies told me they could and would install in the current weather. I don’t want to do a “coming soon” without a picture of the front of the house. Without knowing exactly when this property will be completed, ready for sale and how long it will take to get an offer, I was wondering should I leverage this property (I used HELOC to fund this property) and start looking for the next flip or should just wait until I sell this property first??

@Martin Neal
If I were in your shoes, I'd start looking for the next flip.
You don't want to loose momentum and it is not like the moment you sell your house and start looking around for your next flip, you'll find one straight away. It can take weeks or months to find good deals depending on where you look for them. And remember closing dates are always up to negotiation.
In my view, there is zero harm in starting to look for your next deal.

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