All Forum Posts by: Spencer Sturgill

@Eudith Vacio thanks so much!

Have you considered a fix and flip? Could be a good way to get into the game, especially considering your time and financial restraints. You could get a conventional loan that leaves you with enough to do a light rehab, then sell before you move. 

@Victor So, that is exactly what I was looking for when I asked this question! I'll learn from you and steer clear of this loan. 

@Greg H. Those are wise words. Have you been flipping for 30 years? Did you eventually shift from prioritizing flips to long term rentals? 

@Jaron Walling that's what I'm leaning toward, especially because having that experience will help me know what I'm talking about when I eventually use subcontractors. 

I also have more time than money, so it seems DIY might be the route to go. 

I'm not far from making my first fix and flip deal, and am wondering if I should do it myself or sub it all out. I have very little experience renovating but am confident I can paint, install vanities, and install vinyl flooring.

I understand that long term I should not do it all myself because that makes scaling impossible, but for the first deal would you guys recommend DIY or subbing it all out? 

@Bill B. That is good to keep in mind. I'm sure that I'll lean towards being optimistic because this is my first deal, but I will be sure to plan for additional unexpected expenses.

@Jonathan Klemm thank you for the advice! 

More than likely I will either be purchasing 20-30 minutes outside of Madison for lower taxes, or closer to the Milwaukee area. 

In talking with a lender, it seems that if I want to get an FHA 203(k) loan I won't be able to give a competitive offer because of all the hoops I'll have to jump through, being that it is a government loan.

However, I'll probably end up getting a "homepossible" or FHA loan. Do you do contracts outside of Chicago? I have yet to find a GC.

@Crystal Smith super helpful, thank you Crystal!

@Paul Welden thank you Paul!