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Updated over 2 years ago,
I can’t figure it out
I purchased my own home, tackled many renovation projects (while living there for 5 years), and sold it for $125,000 more than I bought it for. Which is great, but I don’t want to wait 5 years every time, in order to make any money. I enjoyed the renovations, and would like to tackle flipping, but I can’t figure out how to make it work financially.
I am hoping to either build or buy my own house. And I want to find one to flip. But I don’t have the cash to do one of those as cash only, but I also can’t qualify for financing for two properties, even if I’m not planning to live in one.
So my query is whether there is a way to make both those things happen. The hard money lenders I’ve spoken to can’t offer enough of the purchase price that I can make up the difference in cash. Maybe I need to be considering places in worse conditions?
Thanks for any thoughts and ideas or advice.