CT Realtor/Investor looking to....

[Carlos Querido]

Hi everyone, I am a Realtor in Connecticut, who has a few buy and hold properties. I am doing pretty well as a landlord, and would like to purchase more units, but don't have the funds right now. So I am looking into flipping as a possible way to generate income to purchase more property. Are there any house flippers/ general contractors out there from Connecticut preferably the Greater Hartford area, who wouldn't mind a shadow? I am a quick learner. Also I have been licensed for over a year now, and am pretty good putting together a CMA. Estimating rehab is my weakness.

[Carlos Velasquez]

Hi @Carlos Querido, I have a strategy that may work as well. I don't do flips but a good way to start, or continue to build your portfolio, is to buy a real cheap single family either through HUD, REO's, or seller finance etc... and renovate. It costs less than a flip, because since the house will be for rent all you need to focus on is making sure the property is clean, safe, and that it works without have to worring about putting fancy stuff for appreciation. Banks nowadays are refinancing in 6 months so you can pull a significant amount of cash without paying taxes and still producing cash flow. A year later you can see where the market is and sell the house if the property has appreciated enough. Now you have the opportunity to squeeze all the cash out. So buy cheap property, spend way less than flipping, put a tenant that would begin paying you (Recoup money invested), refinance the property to get cash without paying taxes, and possibly sell the property after a year to get all of the cash out (pay less taxes than a flip). Not discouraging you but offering a plan B option. It has worked for me. Good luck!