Updated over 5 years ago on . Most recent reply
Flipped my first house. Ready to sell and buy another
Ok, so I’m new to real estate investing. I just flipped my first residential property. I am ready to sell in the next 2 weeks. I would like to get my next one under contract as soon as I sell this property (without using my own cash!)
So for this first flip, everything did not go as planned!! I purchased home with a traditional 30 yr mortgage (4.75%). Due to multiple reasons, I was not able to get much work done, at all, in the first YEAR+!! It was bad timing on my part. However 2 years later, embarrassing to say, I am 2 weeks out from being completed!!
I bought this home in a very nice area. School district ranked 9th in the state. I purchased it for $140k with $40k down. Without valuing my own time (not planned), I have $65k total into the project with $28k of that being the mortgage... eeeek!! ARV of home is $250k.
I do not want to tie up this much cash in my next purchase. Actually, I would like to use very little, if any, of our own cash on the next deal!
My goal is to become heavily involved in real estate investing. I would like to get the next property as a sheriffs sale. After a few flips, get into residential rentals so that I can put the BRRR strategy to work! Eventually, I would like to have a mix of residential and commercial (leased) properties in my portfolio.
During this past year, my wife and I made the decision that I am going to leave my career as a PM in commercial construction for multiple reasons, real estate investing being one of them!! We are finally at that stage that we can make the leap! However, my first flip didn’t go according to plans and my wife’s hopes are slowing dwindling!! I need to get her back on track as I believe this could lead to a great future!!
I am just looking for any advice on ways to purchase my next property, and funding the reno, without tying up so much of our cash (which in turn would make my wife happier as well.. lol)! I apologize for this novel. I wanted to give a little (or a ton lol) of background info!!
Thank you so kindly in advance,
Jason