That’s out-of-state for me. I’m a self-employed individual. I have a little cash saved up, but probably would need more help, or OPM). The 203k loan may not work for me for a rehab and flip situation, due to my self-employment.. Or can it? Anyone else in my shoes that’s found a way to make this work? Or maybe another that way I may be missing?
I started from nothing. I had a fancy job as a very well respected robotics scientist (with NASA) where my collegues were making 5X as much as I did because I am one of those damn foreigners.
... only after I quit did I decide to become an investor. I didn't have money, so I chose wholesaling. I was honestly quite good at it but here is the issue..
If you are not making consistant deals, you either break even or (most likely) lose money.
Every month you don't make a deal you lose money,.. marketing, food, rent, etc. etc.
I tried DMM and that was just bad. People yelling at me, and deals were not consistent.
Then one day I just realized that this entire thing was going way too slowly for me and I need to do something to make it and fast.
Obviously, with money you make more money (easily).
So I needed money. I HATED the thought of OPM and it terrified me.. but what choice did I have?
So I did it... flipped a house... long story short, we became really good at flipping quite fast. And that was the break we needed. Our flips go over asking price and stay on the market for hours, not days or weeks.
Once we had money.. it is so damn easy to make a lot more.
So, my advise, ... the key to success at this game is to make money ASAP. The sooner you make money, the sooner you can market like a pro and make a ton more money!
Hope my lil story inspires you to go at it like a boss!
FHA loans (203b & 203k) can be use by self-employed borrowers but not for flipping because FHA loans require the borrower to live in the property as their primary residence for a min of 1 year.
For non-owner occupants, you can do the Homestyle or CHOICERenovation loan but these will require higher down payment compared to FHA loans.
Hope this helps!
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