All Forum Posts by: Ali Slim

Now I am thinking the best thing to do is just go to the Middle East and teach and tutor full time and try and save 100k in two years. Then purchase 4-5 homes in the 85-115k range that rent for 1k. Seems you could get almost 2k after the mortgage payments. Then go back to Middle East for 1 more contract. Save and come back to do REI full time. Good CF every month with a sizable pool of money to begin with.

Easier said than done though!

http://www.businessinsider.com/top-housing-markets-to-flip-a-home-2013-7?op=1

What do yall think of this?

Thanks for the reply Adam.

I wont be working from abroad while trying to flip houses.

I plan to purchase a 2-4 plex then if need be go back abroad for a year or two to get some extra funds to allow me to flip houses. If I purchase a 2-4 plex and leave I will have a property manager which I carefully selected to manage the property and tenants while I am away.

When I return ill hopefully be flipping full time or if I have to get a teaching job state side until I can go full time in RE.

I will go chat with a bank when I return to the US in Jan and see about the loan. Also need to link up with the local REIA and hunt down some legit HML's.

Anyone else have any suggestions or what they would do?

As of now I am leaning towards

1st) Buying a 2-4 plex with either the FHA or 203K loan with 3-5% down.

With that should I only get one that needs work or just buy one that is ok / liveable. Obviously one where the other tenants rent covers the mortgage.

This to serve as a base of operations & to not have to worry about having a roof over my head and eliminating my only major living expense. To allow me to focus on flipping.

Also, how do they monitor and know that you are living in the property? (owner occupied)

Would it be possible for me to just leave my unit with my stuff in it and go work abroad for 6 to 12 months to build funds?

Another thing I am wondering is how I would get approved and for how much considering my strange situation? (Primarily having worked abroad with cash saved up ie15-30K if I wanted to purchase a 2-4plex within the next 1 to 2 years. Suppose if I had to I could get a job teaching in the states.

That part is really confusing me.

2nd) Use a HML to flip properties until I have enough capital or other means to finance flips.

How does this sound?

So, I have been interested and studying up REI for quite some time now since I graduated University in 2009.

Some background,

-27/m
-I teach abroad.
-No debt.
-No savings (treated myself to some long dream vacations/trips, now I am focused on REI & career)
-Good credit.
-Can save 15-20k a year (conservative est. as I can save more if I go to the Gulf/ME)
-Still a year or 2 away from making moves, but I am a compulsive plan / preparation freak.

Ok, so my goal is to hopefully quit my job and just do exclusively REI ASAP. A combination of flipping and land-lording.

So my the first questions I am pondering is

1) Should I use my first loan / benefits on a 2-3plex or go straight with a flip and look to get a rental property later?

2) Given the above question, and my circumstances above how should I go about the financing considering it will be my first time etc?

So essentially if you where in my shoes what would be your plan / strategy for going REI full time?

Thanks in advance.