Hi everyone Alicia here,
I'm actively searching for my first flip here in Topeka, Kansas. Our main goal in the next 2-3 years is to pay off family that lent us cash (45K) for our primary residence that we flipped and now live in :) We paid the other half and technically own our home outright. My secondary goal is to slowly build our portfolio and have 6-8 long term rental properties in the next 8-10 years so we can semi-retire or have more time freedom to roam.
We have an 85k HELOC and another lender that offers 75% of appraisal value with no money down. Plus about 10K cash. Buy box is single family, 2 bed 1 bath or 3/1, 3/2, 800-1200 sqft. I'm focusing on properties in solid neighborhoods that will sell quickly.
What is the best strategy for paying off family first and fastest while keeping in mind our long term goal of slowly building our portfolio? Fix and flip with a HELOC, BRRRR or other? Is a HELOC best for a flip or would refinancing our home be better? We currently do not have a monthly mortgage payment. Open to any suggestions you may have that haven't even crossed my mind.
I also want to do some of the work myself and have the time and resource of a handywoman to show me the ropes. We just moved to Topeka in July and I want to use flipping as a small income source for myself if possible. What rehab projects cost the most in labor? Is there a good balance of hiring our electrical, plumbing, HVAC and doing the rest on our own?
I've been attending local investor meet ups, working as an acquisitions specialist for a wholesaler in Topeka, posting on FB pages, listening to podcasts and reading books for a year now (Big thanks BP!) and have recently started looking at investment properties in person.
Clearly, drank the tea and we’re ready to dive in, just have the classic case of new investor jitters!
Really appreciate any insight this awesome community could offer.
Smooth holiday wishes!
Alicia Meiser
