Newbie Investor

[Tyler Campbell]

Hi BP!

I liked reading the free "How to" guide and I thought I would also make a post and see if I get any responses. My name is Tyler and I am new to real estate andI live in the Detroit area. I enjoy learning as much as I can about real estate online and this site seems very helpful!

After getting engaged in December, my fiancé and I decided to sell my house rather than selling her recently purchased home. I bought my house for $65k at the end of 2013 and have just put about $10k into it. I renovated the kitchen and main bathroom completely and the house is now on the market. After looking in my area, similar houses were being sold for $110k so my expected profit from it would be around ~$30k.

After I sell my house, I was interested in tips on how I should keep the ball rolling. I am afforded the luxury of having a friend who owns and rents over 50 properties. I have used my friends contractors and even his real estate agent on my home (she is only taking 2% commission on the sale) so I have a team already in place.

I recently started my own business in March of 2015 after being laid off. I still do work for that company, but I am paid through my business. I have tried to contact several different banks and lenders to see what my options were, but I haven't had much success because my company has only been established for a couple months. I was looking into investment mortgages, personal mortgages, and a line of credit. My friend who has all of these properties (and just purchased one in the Bahamas) also had trouble getting a personal mortgage for a house he wanted to live in so it is discouraging to me being the small fish in the sea.

My buddy and I have discussed going in on a rental property or possibly doing a land contract together, but it wouldn't make sense for me to split a $1000 rent/land contract and only receive $500/month. I am looking to do some flipping first to generate some cash flow to be able to buy and rent several properties at once.

Thanks for help!