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Updated about 7 years ago, 11/10/2017

User Stats

174
Posts
157
Votes
Dustin Mathenia
Pro Member
  • Flipper/Rehabber
  • Dallas, TX
157
Votes |
174
Posts

How do I make my first flip count ?

Dustin Mathenia
Pro Member
  • Flipper/Rehabber
  • Dallas, TX
Posted

I am just about done with my first flip. I've been wanting to get into flipping houses for a while . I fixed up my personal house pretty much a full rehab bathrooms and kitchen down to the studs but since it took 4 years and I didn't sell it don' really count it as a flip. So my grandma owns this house in a small town 30 minutes from where I live my aunt used to live there then my cousin and then I think it sat for a few years. She told my dad and my uncle that they could fix it up and split the profits with her. I'm pretty sure my grandpa bought the property 20 years ago for 10k$ my dad was smart enough to bring me in the deal was me and my dad would do all the work my uncle would help when he could and put up all or most of the money so what actually happen is my dad put up 90% of the money I did 90% of the work by dad helped a little and my uncle worked a few days but that's not what this is about I stand to make about 25k$ at east 20 I stopped working for 3 months to do this flip I want to flip another house as soon as I finish this one but I won' be able to get a conventional loan because I have no w2 money for that last 2 months 

Question 1: how can I use this flip as experience to possibly get a hard money loan 

Question 2: should I get a hard money loan or just wait till I can do conventional?

Question 3 : I also have 80k in equity in my primary residence that I can't get because again not having my w2 income for the last few months 

  • Dustin Mathenia
  • Loading replies...