Getting This Bird In The Air

[Joshua Baker]

Hello BP Community,

My name is Josh Baker and I have recently become part of your BP network.  I currently live in Chattanooga Tn, and I am a contractor here locally.  In about 8 months I will be relocating back to the Berkshires in Massachusetts where I grew up.  My brother-in-law and myself will begin to invest in real estate as a part time venture with the hopes of it becoming a full time gig.  I have a couple questions that I would like some input on.  

First, We have enough liquid between the 2 of us to do renovations on most any property that we purchase, but because we are starting off and we both have large families, buying the property for cash may stretch the budget a little.  We have looked into hard money lending, as well as traditional loans, but really we are trying to find lenders that target rehabs.  Short term stuff with no early pay penalties.  Not everyone has access to a trust fund to start these ventures, but I know this is what we want to do.  The both of us are extremely knowledgeable in construction, and have been doing it for over 15 years each.  

Secondly, a bit of advice about which direction would be the best.  Should we flip a few properties before taking on some rental units, or is there really no difference either way.  As far as our future portfolio goes, we plan on having a substantial amount of rentals over time, but also know that we can gain good capital to purchase them by flipping.  

Thanks for any insight on this and I look forward to networking with all of you.  

-Josh Baker