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Updated about 6 years ago,
New to the site and looking for advice.
Hi all,
I lost my job a month ago after 22 years and have wanted to get into real estate flipping for several years, so I figured now is the time. I'm pretty handy with home remodeling as I've totally remodeled the home we currently live in. I remodeled both baths and the kitchen. So I'm somewhat knowledgable on what needs to be done on a flip. (I know there's more to it than that).
I've already signed up for real estate school to get my agent license. From everything I've read it will definitely be beneficial to my new career.
My question is: what is the next best move?
Should I:
A. just work in a career in real estate to get the knowledge base? or
B. Get my license and jump right into finding my first deal?
C. I'm open to suggestions and advise.
A bit of background on me. My husband and I have 2 homes, our primary and our last home which has been a rental for the last 9 years. (due to the market we couldn't sell it in 2009 so we kept it as a rental) Some friends (in real estate) have told me I should start with my rental home as my first project but I'm unsure about that. I'm trying to work with my tenants to get a mortgage and buy it, I've offered it to them for 100K. (they have 2 children and limited resources so the only other option is to evict them if they can't get a mortgage).
It's in a neighborhood where rehabs typically sell for between 100k and 135k. It has a first of 55k.
I have savings, and 401k money but don't want to depleat my only source of security.
Any professional advice is surely welcomed.
thank you!!