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Updated over 8 years ago,
Buy & Live In First Flip
My wife and I want to get into flipping houses. We are thinking about buying a fixer upper that we can stay in while we remodel it.
We live in Houston, TX/Galveston, TX area and have 15K in cash, so we'll need a loan to finance the property.
We have absolutely no construction experience and have never lived in a house, only rented apartments.
Our Goal
Make an overall profit. Instead of continuing to rent a $1,100 apartment (2 bed) over the next 1-2 years, we could stay in a cheap house. Also instead of paying for rent and temporary mortgages when flipping houses we could stick to one payment. And last to minimize the risk of flipping we would have the opportunity to take the time to do as much as we can ourselves (because of no deadline), buy used/salvaged materials, and stay in the house until we get an acceptable offer.
Questions
1. What's the best way to finance it?
2. Is this a smart way to get into flipping houses?
Any tips and/or suggests would be appreciated