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Updated over 4 years ago,

User Stats

71
Posts
18
Votes
Daniel Jewell
  • Flipper/Rehabber
  • Warrenton, VA
18
Votes |
71
Posts

House hacked for a year, what's step 2?

Daniel Jewell
  • Flipper/Rehabber
  • Warrenton, VA
Posted

My brother and I have owned a home for a bit over a year., purchase price was 121k with 116k remaining on the loan. We rehabbed it and are currently renting 2 rooms out and living in the 3rd which makes our monthly expens 1/3 utilities. We think the home is valued at roughly 180k based on neighborhood value.

During the week we work for a real estate agent/investor. We manage flips for him and in return we get 10% profits and $25/hr. We've been doing this for about 7 months after quitting our jobs. My brother and I have been completed 3 flips with him however due to Coronavirus and other unforseen events none of them have sold yet.

In the past our agent has offered for us to put our own liquid capital into the deal for a higher percentage but my brother and I feel it might be time to leverage our own asset so we can take higher profits on deals ourselves. Or perhaps house hack again with a higher end property.

The question I'm asking, are there any loans that we should look into given that we are not W2 earners? Or refinance options that we should look into. We have 20k liquid and 25k credit cards. We both have a credit score over 750. Or should we just keep working with the investor and building our liquid savings.

There are also some private investors who are Family friends who'd like to partner with us more to give us a leg up. But they don't wanna spend that much for our first deals together. In other words we potentially have access to an additional 75k of liquid capital.