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Updated over 1 year ago, 08/08/2023
Am I on the right track?
Hi BP Family.!
I am fairly new to REI still (6 months in) and have not found my first fix/flip deal just yet. I'd like to hear from some investors that are thriving and willing to tell me if I am taking the right steps and in the right mind frame to prepare for that deal when it presents.
This is where I am at thus far:
I've done research after research - selected an area of markets I'd like to invest in - acquired a realtor agent who knows the markets - acquired a hard money lender (75% LTV rate) - selected a potentially reliable GC - finally went to first REI meetup - currently finishing my LLC formation. From here, my next thoughts are to open a business bank/credit account - continue searching for property to flip - when found, get approval from HML and close on property - then use business credit to purchase materials/fund GCs to start the rehab - Then use *hopefully* minimal number of draws from HML to pay back credit on business account with HML.
To me: this all seems a little random but I'd greatly appreciate any type of advice on my steps above as I am new to this world with an abundance of desire to succeed in REI to gain financial freedom within the next 3-5 years.
Thank you in advance for you words of encouragement and mentorship ;-)