All Forum Posts by: Michael Crump

@Lynn McGeein

Thanks for your input. The $200 is just mortgage, not repairs which haven't been too costly over the past 5 years (knock on wood). The comps are rising and believe I can break even/possibly profit in a year. It was also a nice tax break....when I had a job.

@James Wise

almost positive that my former company said I wouldn't be able to take a loan out while not employed by them.

@Dmitriy Fomichenko undefined I was reading up on the different IRA options this morning and it makes me nervous considering all the options, penalties, etc. I'm most likely going consult a professional to see what my options are just to make sure I don't ruin my potential career at the start. I appreciate your knowledge and may contact you later for advice, if you don't mind.

I knew this was going to be challenging without being able to pay cash for a property and being unemployed, I was hoping maybe there was something I was missing. Thanks again!

I'm looking for some advice on how to start my REI career in Northern Virginia and reading through all these options has my head spinning a little. Here's where I'm at and would appreciate any suggestions.

I'm currently unemployed and would like to start flipping full time. My savings has dwindled during my months of unemployment but I have spent my free time upgrading my SFH and should have no problem selling it for $50k+ more than I currently owe, according to comps. I would like to live here into the summer and flip a house during that time but don't see a way of funding it without selling. Suggestions?

I do not have a private lender to get a home but have a lender willing to fund the rehab cost if needed. I have $110k in my 401k which I've read you cannot use. I read briefly that a roth IRA can be used somehow but not sure what that entails and if it's possible. I plan on researching this more. I also own a condo that I lose $200 a month renting and still owe 10k more than current comp sales.

I'm considering quickly getting my real estate liscense for the education, access to homes and solve the unemployment issue.

Any tips and suggestions would be greatly appreciated. Thanks

Thanks everyone for the replies!

@Elizabete De Lima I originally lived there, rented it out and bought my current home. Had to show the rental income to purchase other and I was not offended :)

@Roger Lin

thank you for the offer! I would love to attend, I will send you an e-mail

@Paul Timmins thanks for the advice, I will look more into your suggestions

After a few weeks of lurking, I've decided there's far too much valuable information not to join the BP community and introduce myself. I'm a former government contractor who is hoping to become a full time REI in the Northern Viginia area. I currently own a condo as a rental property and a single family home that I have been upgrading for 2 years to use as my initial investment into the world of flipping. I'm looking forward to chatting with everyone, making connections to aid this transition and giving back to the BP community!

A big thank you to all the people who contributed to the articles and the introduction guide that I've read, great information!