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Updated over 4 years ago on . Most recent reply

User Stats

9
Posts
1
Votes
William S.
  • Flipper/Rehabber
  • Elmira, NY
1
Votes |
9
Posts

Looking for some feedback on my (get in the) Game Plan

William S.
  • Flipper/Rehabber
  • Elmira, NY
Posted

Between now and April 2021, what are the best steps you can suggest to get into rehab game full time? 

- I have good credit, little debt, good knowledge of my area, and have targeted several neighborhoods to begin my business. 

- I've been reading up about the BRRRR approach and am most interested in retaining ownership of my project buildings/homes after I fix them. I am open to flipping if I find a smashing deal but my market is a sellers market and I don't wanna bank on a quick flip if there are other viable approaches to consider.

- Dont have much cash on hand >$50k, don't have a ton of knowledge about the different banking/loan products out there

- in April, my company is closing and relocating and I'll be out of work and out of the 9-5 rat race. At that time, I'd like to stay quit and out of the 9-5 and be as best positioned as possible to do this full rehabbing, renting, and flipping full time. 

- I know losing my job will make me less desirable (basically unqualified for mortgage) for creditors so how can I maximize my currently good credit position to ride into 2021 with several properties, liquid cash, or some kind of loan scheme that is not tided to having a monthly pay check? After a few deals or a few years of having business records I know the credit options could open back up but how to operate in the in between there? 

- I have a few friends and family with money who I'm sure would invest 10-100k depending on my ask. How do yall use that kinda help when and if it makes sense? Partner on specific houses, private loans, co-signors? 

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