8 month fix and flip in 757

Member since 2025 · 3 posts · 5 votes

Bought my first property at 20. It was a beat up 4b2b frat house I fixed up and now it's a student rental cash flowing 1,100 a month. Current tenants are wonderful surprisingly. Bought it for 257k and after renovations it is now appraised at 347k. I took my time with the renovations and took me 11 months going at a slow pace.

I'm getting married in late May and would like to do a fix and flip to build up some cash before then. I don't have the cash to purchase another property and would like to avoid cash out refinancing my current rental so I can keep the mortgage low and pay it off quicker. Anything in the 757 area in VA would be an ideal location to flip my next house. Any advice on financing my next deal?

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Jason Taken
Lender · Chicago, IL · Member since 2021 · 424 posts · 145 votes
11mo
How many properties do you own / how many exits in the last 5 years?
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William WhitleyBusiness Member
Accountant · TN · Member since 2025 · 144 posts · 91 votes
11mo
I spent the first 44 years of my life in the 757 before moving to Middle Tennessee about seven years ago. I know the Hampton Roads area well!

There are definitely private lenders active in that market, and that could be a good path to explore. The key will be building confidence with potential investors by showing a clear track record; even one solid, successful project like your first one is a great start. Over time, as you document more deals with solid numbers and good financial organization, you’ll find that doors open more easily with both private and hard money lenders.

Keeping clean, well organized books for each property goes a long way toward building that credibility. It's one of those behind the scenes details that really makes a difference when it’s time to raise capital or scale.
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Elealeh Fulmaran
Specialist · Member since 2025 · 483 posts · 270 votes
11mo
Nice win on the student rental. For a quick flip in the 757 without touching your current loan, line up speed capital and a clean exit before you offer: build a small bench of hard money and private lenders, compare total cost of capital and minimum down, and target light, cosmetic value-add with multiple exit options. Keep leverage conservative, insist on tight buy numbers with verified ARV from sold comps, and pad for carry, interest-only, and overruns. If you lack down payment, pair a hard money first with a small private second or seller carry; document both and pre-book your contractor. Next step this week: get written terms from two hard money lenders and one private lender template, then only bid on deals that still profit after all fees and a buffer.
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Jacob SloopBusiness Member
Rental Property Investor · Virginia Beach, VA · Member since 2020 · 274 posts · 111 votes
10mo
@Micah Hughes Hey Micah, Id love to connect. I'm a full time agent and investor in Virginia Beach Norfolk Chesapeake area of Hampton Roads ! Lets get on a call and discuss your options
Fix and flip can be a great way to make some cash if your able to do your own work which it sounds like you did but not having any "skin" in the game is a tall order, lenders are going to want to see your own cash in a deal
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