Ready to buy our first property to flip

[Austin Kaercher]

Hello all, I am 29 years old and I am an owner/operator of my hvac company in Florida. After 13 years being in this trade I am burnt out and ready for a change. We have about 80k in equity in our home. My wife and I are very confident in the work/knowledge needed for flipping our first home and we have lots of connections in the construction industry for the things we are not sure about. What do you all think the best avenue for securing our first flip property is? Hard money lender, Heloc, 203k? We would like to keep our home now and use it as our first rental property, but we are unsure if we should just liquidate it and take the proceeds. Any advice/help is appreciated! 

[Jaron Walling]

@Austin Kaercher What ever you do don't be in a rush to buy property. You have the skills and some money so don't blow it on a bad deal. Know when/where/what is a good DEAL, create a buy [box] and stick to it! That's all you can do given your experience. 

$80k in equity isn't much in the grand scheme of things. I'd get a small HELOC in combination with cash and/or partner with someone else to get a deal done. Don't over leverage your primary residence. You should read about the pros and cons of 203k loans. In my opinion it creates road blocks that slow investors down.