An Update: My Actionable Step's

[Chris Marshall]

So first, a real fast update on my story. A few months ago I posted on here something about how I was refinancing my house for enough to pay off my debt and give me 100k to invest. Well we are finally almost done with the loan process and it looks like after everything is paid off and closing costs are paid and escrow is paid, we will get about 60k. My wife was bummed and didn't know how we were going to be able to pay for the flip and everything. I know a lot of you are thinking. If you can start investing with 60k there is something wrong with you. Not sure if it was smart, but that's what i told my wife as well.... A few days later when I was able to come back inside we started talking about how we can invest and it looks like we are going to take out HELOC against the flip. So numbers we are hoping for are. 40k-ish purchase price. 20k-ish estimated cost of repair. and 80k-ish ARV that leaves room for 15% Profit and 10% room for play with the cost of repair, purchase price, holding costs, closing costs, and commissions.

So now on to my actionable steps that I have been taking in preparation for the first flip. First off I have been to a CPA and we are getting and LLC worked up and getting all of financial files in order. the most important step is I have been finishing out the interior of my wife's new hair salon ( she is opening up her own salon). This is allowing me to brush up on some skills that one i haven't used in a few years and two learn some new skills in the construction filed, like dry walling. So I did the insulation work and the dry wall and I'm going to do all the trim and i learned how to wire in some lights and plugs, I learned about plumbing and all sorts of things. Sop that is where I am at now, just waiting for the loan to close it looks like it should be closing the first part of January so I'm pretty excited about the new year.