Needing some creative ideas for getting started

[Lynette Arhutick]

My husband and I have been in residential new construction for 20+ years. I am currently working for a local on your lot builder. With all of our experience, including my husband being a residential drafter and designer. We have wanted to flip homes, rentals, and or do spec homes. We currently live in our forever home with both of our parents on each side of us. That being said, we are not in a situation where we can be an owner occupied situation. How does one get started? We have some cash on hand, but not sure the route we should go when it comes to financing. Any creative suggestions would be greatly appreciated! oh, and since we are in Western Washington state, it is very expensive and tenant friendly. We do live in a small rule area where properties are a little cheaper, but so far it’s been very difficult to find something that seems to pencil out.

[Ty Coutts]

Hi Lynette,

It's great to have 20+ years of experience in residential construction, drafting, and design those skills will serve you well in flipping homes or building rentals. In terms of creative ideas, you could look into leveraging that construction experience and partnering on a deal to ease the initial capital need. If this sounds like a path you and your husband find promising I suggest making a thorough contract to ensure the security of both parties. I suggest focusing on properties that need cosmetic work in order to reduce overall risk, while keeping access to a good ARV. If you have any questions on financing options, feel free to DM me.