Newbie, In Need Of FeedBack!

[April Molina]

Hello BP members,

My name is April and for the last 2 years my hubby and I have been actively investing in real estate as silent partners in CT. We had some bumps on the road in our personal lives and had to take a break from RE in 2016.

Currently we have a flip going on in Philly that began end of June 2017 and will be on the market end of August. PP was $50k, complete rehab cost was bid for 45k but with my negotiating skills and subbing some of the work, I was able to bring the rehab cost down to 35k. We project it will go on the market for $145k based on current comps ( I pull comps every 2-3 weeks)

I have been reading and educating myself on real estate like a mad woman for years. I am so passionate about this field and love the heck out of it.

Our goal is to take the profit from this flip and put money down for 2 rental income driven properties in current markets I've been studying. We have decided to do RE investing full force.

I am open to suggestions on what route we should go and open to any feed back. I've been reading BP forums for a while now and I still can't believe it took me this long to make a profile account and become a member. (smh)

Please keep and eye out for that post. :)

BTW- I do not know how to delete posted discussions. So you may see 2 previous post from me with the same content. Sorryyy ^_^

[Benjamin Aaker]

Hi April, and welcome! It seems your goal is buy/hold. Have you considered renting out the flip house right now? Depending on your bank, you could now or later refinance or get a line of credit and use that to buy the other houses. Flipping is a good way to get cash, but I don't like selling an asset that could be a good rental. My first rental was an REO that was trashed. My wife and I basically lived in it and fixed it up, intending to sell, but we decided to rent it out and take out a line of credit. Now, that money is handy for any down purchases that I need quickly but it is not cash sitting in the bank getting basically no interest. I'm glad I kept it. It'll be paid off in a few years and then be a money generator. Good luck to you.