All Forum Posts by: Brandon Wortham

Hi guys, I have been listening to the BP for some time and have been trying to figure out a way to get started in the Colorado springs Market with very limited capital. I was recently laid off from my job and found myself offering to do some handyman work for a neighbor on my street. He mentioned needing work done on a rental house and as I dug a little deeper he is wanting to do some basic repairs and then sell the property. As we talked the topic of owner financing popped up and he said that is definitely something he would consider. I am waiting for him to decide if he for sure wants to owner finance the property to me and allow me to flip his rental and make some money in the process. Myself and a friend are planning to do all of the necessary repairs and updates ourselves but we don't have really any funds to buy all the supplies especially now that I am between jobs. What are some ideas for raising capital for materials to do a flip?

I am new to RE investing and my wife and I purchased our personal home on an FHA loan about a year ago. We didn't have a great experience with our original lender. So a couple months ago we had an opportunity to leave them, lower our interest rates and therefore payments and refinanced. My question is by refinancing does that restart the clock on our 2 years that we must live in the property to fulfill the FHA requirement before moving and using this home as a rental?