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Updated over 4 years ago,
Looking for some feedback on my (get in the) Game Plan
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?