I've been reading as much as possible about REI and decided I wanted to go with a long term rental strategy in an effort to leave my job as a police officer in six years. My goal is to replace my income with rental income and I've been reading a lot. I'd like to go to more REIA meetings, but I'm always working nights! In my search for a rental I came across a very good agent in our area and met him for coffee to discuss goals. Ultimately, he presented me with an off market opportunity which he had yet to list...a double wide on five acres. We checked it out within 48 hours and quickly decided to flip would be the way to go. It was going on market for 70 and we offered 55 cash. So far, so good. We are using a HELOC for the purchase and I am skulking around for decent 0% interest credit cards that still have rewards. Now we just need to ensure there's nothing too glaring post inspection and that the home will be suitable for FHA post-flip. Our fingers are tightly crossed, and I'm grateful to have found such a community to bounce things off of! If this works out, as I suppose it won't to the exact plan as Murphy likes to but in, we will pay off the HELOC, and reinvest into rentals or another flip if the right opportunity comes up. Although I'm just now getting into the woods, it feels amazing to be taking action. Any pointers are certainly welcome for this rookie!
Things are moving along smoothly. Looks like the home will meet FHA requirements and we will have to pay a bit more to get the crawl space dried out and have some blocks repaired, then have it re-leveled. We requested 8k off our current price and they came down 3500, so it's a win. All in at 51,5 and closing on Nov 8. Now I'm hunting for a good credit card for rehab expenses that will ideally give us some nice travel points. Also getting contractors in place to knock out the rehab. If all goes well, we plan to put it on the market late January or early February although I totally know Murphy is creeping around somewhere. If all works out we stand to make a nice profit which we will look to reinvest most of it, but may take our ten year anniversary trip to Bora Bora next year...at least it's a nice goal!
Two weeks in and things are coming along nicely. Pretty much have it stripped down and now we will build it back up. Just watching that budget closely! Photo link below if curious: