Financing my first flip

[Vicky Theroux]

I have been dreaming of quitting my day job for years and getting into the flipping/rehab investment property business. Problem being, always, money.

I recently purchased a rehab property with an FHA loan and we are living there and rehabbing it to build sweat equity. If it doesnt required a licensed professional to do, we do it. Rehabbing bathrooms, flooring, tiling, the kitchen also needs a total remodel. These projects will hopefully translate into a home equity line of credit to fun future investments.

I bought the house @70% of what comps with upgrades would sell for. .. That WAS the long term plan. Not a quick plan, but do-able!

Fast forward to last Wednesday, I was laid off my job. Now my dream of quitting my day job to flip houses is more possible, yet more remote, all at once!  I have the time, unemployment will pay me for time off work to get going,, but without a job, the possibility of any kind of conventional loan to finance my first project just evaporated.  I am not sure my home equity plan will work quickly enough to have a clear cut career path change...

Ideas?

Vicky