Brittany, you might want to consider using a private investor or hard money to acquire a flip. That way you aren't putting your personal property at risk in case something should happen. Also, most private/hard money lenders will use the property you are buying as the collateral on the loan, and you can usually roll the rehab costs etc. into the loan. Just a thought for you.

OH i see it's your first post. Welcome to BP. Be sure to look in the Learn section above it's loaded with great information.

@Brittany Dent it all depends on your personal situation. If you work 60 hours a week, or are horrible at fixing things, a turnkey already fixed up may be the way to go. If you only work 20 hours a week and are good at fixing things up you can usually get a much lower price getting a fixer upper.

Hi Brittany, Of course this is my opinion. I did a refi back before the crash and used the money to put down on a property. It's working well because the cash flow is quite a lot more than both loan amounts and I'm coming out ahead but in the back of my mind, there's always been the knowledge that my house is now tied to this other rental. Doing it all over again, I would be doing short term stuff with my cash out refi so I could feel like I'd be able to cash it all in when I was ready. Buying something that's already renovated has it's pluses and minuses. You could be buying someone's shoddy renovation job or you could be saving yourself some risk in getting a turnkey. Allen

Updated about 12 years ago on 10/18/2013. Most recent reply

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Brittany DentPoster

Investor
New Orleans , LA

Real Estate Deal Analysis & Advice

What are my options?

Brittany DentPoster

Investor
New Orleans , LA

Posted October 17, 2013 19:45

I have one property which is a single family home that's being rented. I'm looking to buy/flip another property within the next 3-6 months. I want to purchase something that is really cheap and do renovations. Being that I don't have much money to dish out can I just refinance my current home and used that to purchase another one? Should I purchase something that's already renovated? What would be some ways of doing this?

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