Skip to content
×
Try PRO Free Today!
BiggerPockets Pro offers you a comprehensive suite of tools and resources
Market and Deal Finder Tools
Deal Analysis Calculators
Property Management Software
Exclusive discounts to Home Depot, RentRedi, and more
$0
7 days free
$828/yr or $69/mo when billed monthly.
$390/yr or $32.5/mo when billed annually.
7 days free. Cancel anytime.
Already a Pro Member? Sign in here

Join Over 3 Million Real Estate Investors

Create a free BiggerPockets account to comment, participate, and connect with over 3 million real estate investors.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
The community here is like my own little personal real estate army that I can depend upon to help me through ANY problems I come across.
Innovative Strategies
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated almost 5 years ago on . Most recent reply

User Stats

13
Posts
0
Votes
Joey Moon
  • Decatur/Huntsville Alabama
0
Votes |
13
Posts

Purchasing my own flip??

Joey Moon
  • Decatur/Huntsville Alabama
Posted

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??

Loading replies...