All Forum Posts by: Brandon Sok

Hi everyone! My wife and I have been researching and learning a lot over the past couple months and will soon be taking the plunge into real estate investing.  Our short term goal is to do a live in flip, move, rent, and repeat.  Hopefully we can get a good start to a portfolio before we have kids! Then that strategy becomes a little more difficult.

If you have any tips, wisdom, or warnings we welcome your help!

Looking forward to being a part of the community!

@Jason V., Thanks!! I appreciate you taking the time to respond. My wife and I plan on doing the same type of live in/flip/rent model that y'all did.  

As we've done more research we've decided to find properties with repairs that are under 35k so that we can qualify for the Streamline 203(k).  

The money you borrowed through the loan could only be used on the required work by the licensed contractors? Do the inspectors work with you to determine what is necessary for HUD licensed contractors to do or are you told what is required regardless of your capability to do the work yourself?

I appreciate the warning for the live in flip! My wife and I are wanting to give it a try once or twice but if it's as stressful as it sounds it might just be a one time deal. Ha!

HUD home built in 1900 in nice historic district of Ohio town. Listed at $70k then dropped to $63k. Contemplating a bid of $55k. ARV roughly estimated at $130k-$150k. Extensive repairs needed, estimated between $30k-$50k. Annual property taxes of $800-$1000.

Strategy 1: Buy, live in/fix up, after 1-2yrs move and rent it out ($700-$900 per month)

Strategy 2: Buy, live in and Fix up, Sell after couple years.

I trust strategy 1 the most.  What other options do I have? Thoughts on quality of the deal?

Any advice or warnings for 203k loans and repairs?  I've heard bad reports about excessive expenses because of required use of General Contractors.  Does anyone insight into the process and expenses?

THANK YOU!