Skip to content
×
PRO
Pro Members Get Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
$0
TODAY
$69.00/month when billed monthly.
$32.50/month when billed annually.
7 day free trial. 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.
House Hacking
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 about 1 year ago,

User Stats

125
Posts
124
Votes
Angie Castro
Agent
  • Real Estate Broker
  • Charlotte, NC
124
Votes |
125
Posts

Primary Flipping Success Story

Angie Castro
Agent
  • Real Estate Broker
  • Charlotte, NC
Posted

I had a client come to me with a budget of $500k. She wanted to buy a house but for herself but also wanted a rental property. She had saved up around $30k.

Usually someone will use those $30k towards the down payment and closing costs of 1 house. By primary flipping we were able to make her savings go longer and get her 2 properties. HOW? Patience and strategy.

We got together and created a plan. She would first purchase a property for $300k with an FHA loan and put 3.5% down ($10,500) and live it in for a year. We got the seller to cover a big part of the closing costs. We searched for properties that if she put for rent in a year they would cash flow. She knew to have the rest of her savings on hold for her next purchase.

A year later I help her find a tenant for her current house and get pre-approved again this time for a conventional loan up to $475k. This second time she actually got to buy a house that she liked much more for $450k and had to put 5% down ($22,500) and for this one we had the builder cover all closing costs.

Through primary flipping and one year of sacrifice my client was able to get a rental property and buy her home. All with pretty much the same amount that she would have spent just in 1 house!!!

business profile image
Angie Castro with Monarch Group
5.0 stars
26 Reviews

Loading replies...