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Updated 7 months ago,
I'm ready to strategize!
2 years ago, I decided I wanted to get into house flipping, so I got my RE license last Jan. I sold 20 houses last year in my local market (ASHEVILLE NC). I wrote my goals for this year and on that list was to put myself in a position to buy my first investment. My team leader has kinda talked me out of flipping (capital gains, overhead, carrying costs blah blah) so I started listening to Bigger Pockets podcasts. Part of the reason I want to flip is A) make something functional and useful again and B) use the artistic side of my brain to create beauty. I love design.
I have a husband and 2 kids and I promised my son we wouldn't move again until he has graduated high school (3 years). So house hacking isn't really an option for me either. So now I am thinking BRRR might be my best avenue. I have about 20k saved right now, so not a lot of savings. Someone on my team suggested a DCSR loan (did I get that right?) and to purchase a duplex or triplex. I also have about 80K in equity in our home that I may be able to tap into (is this advisable?). Because I am an agent, I have pretty awesome network of folks that I can employ to help rehab properties, and I know my area well enough to find properties that I think would be good investments (in terms of location and rental values).
I would love any advice anyone wants to send my way!! I am going to sign up for a boot camp, I joined BP PRO, I am reading forums. Essentially the reason I was successful in my first year of real estate was not reinventing any wheels. I did what people who were successful suggested I do, and it worked. Now I am looking for a new group of successful people to follow in their footsteps. I am a hustler first and foremost and intend to reach financial freedom in the next 10-15 years. TYIA for sharing your wisdom!