A few questions before buying our first flip

[Maria Taylor]

Hello everyone, 

My husband and I have been studying up on investing our savings and flipping houses. We plan to start an LLC and buy our 1st property in a few months. We're looking for something in the 40K to 50K range with about 10K worth of repairs. My father-in-law is a contractor and has agreed to work with us. We plan to use a hard money loan to do most of the financing. I just had a few questions about this process.

1. Being a first-time investor, I understand that we would need a lot of money of our own to work with, and we have about 15 k, is this doable? 

2. Is a real estate attorney necessary at this early point? 

3. We were considering doing assignments and wholesaling properties if we find a good deal that we can't afford to do our own, is that possible under the same "business"?

Any other tips are welcomed,  thanks!!

[Chris Tarpey]

1) You don't need "a lot" of money to get started, you can leverage what cash you have by using a PM/HM lender which can most of the project/rehab. This will all still cost money, so I recommend using the calculators to plug your numbers once you mind a property and make sure they work.

2) You will still close these deals on/off market with a real estate closing attorney. This is also true for getting into wholesale deals.

3) It is your LLC and it still falls under real estate investing/transactions. It may be up to you personally if you want to separate you avenues of real estate. However I would funnel it under one LLC, at least for now!

Best of luck!!