Newbie and don’t know where to start

[Leslee Smith]

Hello my name is leslee.

A little information we are from Massachusetts, my husband is a self employed licensed contractor. We have 60,000 cash and a 35,000 business loan and we would like to start with flipping out first house. We own our home on the south shore In Massachusetts we have found the prices to high for our budget to flip anything in our area , so we have been exploring our love for Florida . I have summers off and my husband can set his own schedule we would like to find a property to rehab in Florida for the summer and do most of if all of the work ourselves .

I have been doing a lot of reading and researching but I figured I would throw it out into this space for any positive or negative feedback , tips , or any words of wisdom where to begin .

Thank you for reading

[Jonathan Bombaci]

Hi @Leslee Smith with $95k liquid cash you should be able to find a decent flip in Southshore. It won't be Quincy and it won't be easy but in the non-cape area south of Brockton it's definitely doable. Since it's your first flip you're going to want a good agent and you're probably going to want to get a hard money lender involved. They'll typically lend 90% of the purchase price plus rehab cost if it meets their criteria (all in 70% ARV).

I like it when first time flippers world with experienced hard money lenders because even though they’re expensive if they’ll do the deal then you’re probably going to money off of it. They’re in the business of making money and if they take on your project there is a high probability of success. Plus it requires less cash out of your hands and allows you to take on a larger variety of properties at higher purchase prices. 

Goodluck and let me know if you have any questions. We have an agent @Michael Belmore who lives in Brockton who may be a good resource for you to connect with. 

Best,

Jon