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Updated almost 5 years ago on . Most recent reply
Purchasing my own flip??
Hi guys, still pretty new in the real estate world and had a question on what strategy would be best in your opinion. I’m in the middle of my 3rd fix and flip and my circumstances in life have suddenly changed where now I am thinking about purchasing this property to live in myself. I purchased this property for 86,000. I have put about 20,000 in it, might be closer to 25k once completed and am looking to sale for 145,000. Should be a pretty good profit as far as I’m concerned, but now that I’m thinking of purchasing this property personally( I use a line of credit for purchase and rehab), is it smart to try and get a mortgage for what I wanted to sell this property for(145k) and still make that profit or should I just try and get the mortgage for what I have in it (105-110k)?? I can afford the payments for the 145k mortgage pretty easily, but I wasn’t sure if that was a smart strategy or if I should be thinking differently or missing something important? I don’t plan to live in this property for a very long time, maybe a few years. I just wanted to get you guys opinion. I can’t see the downside of still making the profit, paying a mortgage for a few years and then selling for the 145k or maybe higher in a few years? What do you guys think??