New member and RE Rookie in Northwest Indiana

[Deana Boozer]

Hello, BP! I just want to say that reading the Starting Out guide have me so much great information! If you haven't noticed by my exclamation point usage, I'm excited to be on here learning and growing.

My name is Deana, and I currently reside in Gary, Indiana. I would like to rehab and flip SFH and small multifamily apartments in the Chicago metro area. My goal is to flip until I build a comfortable cash reserve and then buy and hold.

My background in real estate is limited, in large part, to analysis paralysis. I joined a carpentry pre-apprenticeship program ten years ago because I was interested in knowing how to rehab houses. I thought that I would be able to save money by doing the work myself, and that I would be able to assemble a construction team. Neither of those things happened, though, and I moved away from the concept of real estate altogether until three years ago. That is when I assumed from my father via quitclaim my childhood home. He was using it as a tool shed and, as the house is paid off, I saw an opportunity to repair it and pyramid it into my real estate investing business. Two years later, I have only accomplished minor repairs on the property because I was attempting to do the work myself and (of course) encountered as many setbacks as advances.

I wanted to continue to educate myself on real estate in an effort to make myself more desirable to lenders, so I completed the Indiana Real Estate Salesperson Course in December, and I rented the property to my brother, although much work is still required. But never again will I live in a home being rehabbed, and I would never again try to complete the work myself. Learn as you go.

I know this a long post, so, if anyone is still reading I could use some advice about the rental. I have no money and no credit to get the home financed so that I can finish the repairs in bulk. I have a contractor that has agreed to extend me a revolving 2k, but I would love to just pull equity out and get the repairs done. According to my poking around, the house is worth 25-30 as is, about 60 ARV, and needs about 15k of work. Any creative solutions?