Quiting My Job To Manage a Flip

[Ryan Hobbs]

I was recently offered to work with an investor in my area. He will find the property and I will get a hard money loan to rehab and flip. I will not have time to manage the construction,because I work the same hours the contactors would be working on the property.

I would have to cash out my 401K to support my family until I make some money on the sale.Should I do this or not is my question.Are there an other options? The Investor I'm partnering with does not have time to manage it either.I appreciate all of your opinions.

[Matt Devincenzo]

Yeah I'd can that idea right now!

It is possible to flip with a FT job, listen to that podcast for some ideas and tips. Also just because the contractors are working, shouldn't require you to be there everyday. Somedays you might need to be there for some reason, but what would you do all day for the days in between? Id much rather do it in the morning before work, and take a vacation day once a week of whatever when you need to be onsite or just have time to go over some in depth stuff with your contractor.

Also just because they are called HM lenders, doesn't mean they have no criteria. So they might be willing to lend to the guy with less than 1 yr of income at flipping, but has done 3 successful flips. However I think you'll find they are fairly unwilling to lend to the guy with no job at all and never flipped a house before. Maybe they would do it I don't know, but either way I'd really reevaluate your game plan before jumping in like that.