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Updated over 9 years ago,
Any ideas on what I should do?
I have set a goal of flipping at least 2 houses by the end of next year 2016. However I have a high debt to income ratio and live in a house that is way too small for my family so I need another one. The house is on a river (flood zone) and needs the deck rebuilt. I am in the process of a refinance to merge my 1st and 2nd mortgages that will give me 10 to 15K cash. The house just apprised at 230K. Other then the deck it just needs some cosmetics to make it sizzle but from experience I know I have to get my family out to do it right and get it staged. I am thinking the first day of spring for sale launch.
I just spotted a potentially good flip property that works on paper but I would need to look at it more closely, if it doesn't disappear. Unless I sell first conventional financing is out. (potential distraction or stepping stone?)
So assuming I have 10K what should i do to proceed. A 2 bedroom apt rent around here is 1800 my holding costs where i am living is 1500 and I make 3000 a month from my regular job plus 300 positive cashflow from a rental property that is owned free and clear out of state that house is only worth about 50k . Assuming 230K is accurate at sale I would have about 75K to split between a new house for family and the flipping enterprise.
I hope this is not TMI but to get good advice you need to know what i am looking at.