All Forum Posts by: Taylor Hudgins

@Seth Knopp Happy to help!!

Awesome!!! That's awesome that you're getting into flips!  You definitely can snag a construction loan or rehab loan depending on the situation.  I'd start calling around to a few banks to see what kind of options you may be approved for.  Since you're flipping, also feel free to ask if any business loans would work for this.  

You could also try speaking to a few hard money lenders in your area who may be open to financing the rehab period for a short amount of time until you can refinance the home and cash them out. 

Let us know how it goes!

Hi Richard, You could definitely take out a HELOC (Home Equity Line of Credit) for the repairs if you'd like. Depending on what's needed, you may even be able to increase your rent rates and cash flow! You may also want to look into airbnb as an option depending on if you're in a high demand area.

Hi Tri,  That's awesome that you're starting your first house hack!!  Can you give us a few more details?  Are you looking to purchase a multi-family property and rent out the rest or purchase a home and rent out by the room?

BiggerPockets also just released a book on househacking as well that may help you as you begin your new adventure!  Here's the link: https://www.biggerpockets.com/store/house-hacking-ultimate

Hi Norwin,  Congrats on taking steps towards your first investment property!  

We went with option 1 for our first investment property where we saved up and purchased a $59k home at about 698 square feet with solid cash flow, but both options are great depending on what you're looking for as your end goal.

Our main goal was cash flow so we went after what we could afford to get the ball rolling.  It was great for us because we could afford the mortgage payment during vacancy (while we were getting the property prepped) and we also knew that if the home needed any major repair, it wouldn't be so extreme that we'd go into bankruptcy.  

For your option 2, I would try to go with a partner I already knew and had a trusting relationship with.  You'll find some awesome people at your local meetups that may be great with this!  You may also want to only joint venture on a flip (because it's short-term) or a large multi-family that would make the cash flow worth it.  Also make sure to speak with a real estate lawyer to help setup any contracts that you take on with a partner.  They'll be able to help make sure you are protected and clearly understand anything else that may pop up through your partnership.

Let us know how it goes!

Hi Timothy,  You're already on the right track just by being here on BP!  For me personally, it helped to meet other investors in the area and learn from their stories.   It's always great to have a support system and connections who can help you through the process - especially for your first one!  

If you go to BiggerPockets.com > Network (In the top ribbon) > Events, you can put in your zipcode and a ton of amazing meetups will pop up.  

You got this!!!

Hi Coretta!  Adding 692 sq feet is amazing for any home!!  I would try to find comps that have similar details to the property once completed including # of bed/bath, square footage, similar neighborhoods, etc.  Depending on your duplex, you may be able to increase your rental cash flow as well if you add another bedroom to your units.  

Hi Christine,

Everyone at Zukerman & Associates here in VIrginia Beach has been amazing as well!  Highly recommend.

https://www.zukermanassoc.com/

You as well Crencenthia!! I hope your meeting is awesome as well!

Happy to help!!