New home contract wholesaling and other strategies

[Daniel Tansill]

Hey BP!

So...I just got fired this afternoon from my 9-5 because I was talking to people at work about Real Estate and my boss felt like I was focusing more of my attantion on Real Estate then I was on making him money as a Sales Manager for a large freight broker. Needless to say, I was a bit blindsided, but also feel a sense of freedom to turn my focus towards things that I am really passionate about such as Real Estate! 

The only predicament this puts me in is the fact that my wife and I are currently building a new home for ourselves that should be finished in early July and without a W-2, I don't think we would be able to close on it with a conventional loan. The nice thing is that we were one of the first contracts in the development and prices have risen, so we should have a decent amount of equity in it already (potentially $30K-$60K). I have $10k in earnest money in it and wanted to see if you had any advice on options for closing or exiting without losing the EM? 

Here are my thoughts so far:

1) Kind of obvious...find a new w-2 job and close as planned.

2) Figure out a private money situation to act as the bank and close with cash (The lender has a $10k discount in place if you use their "in house" lender, so circumventing this coud potentially cost me an additional $10k on the purchase price)

3) See if there is a way to market and sell or assign my existing contract to a new buyer and possibly flip it for a profit since I have equity in it. I don't know if this is even an option that would work, so I'm specifically interested in getting feedback on this option.

4) Close with hard money and then quickly try to flip for a profit. Not sure if I could refi to hold it, as a backup plan, until I would get a new w-2, so this may be risky with the holding costs.

Let me know what you all think. I would appreciate any feedback on these ideas or additional suggestions!