All Forum Posts by: Erickson Sainval

Read up on HELOC see if you have the ability.

If you have lived into he property for a year or more you can look at getting a primary home using FHA or finding a lender that does 5% conventional.

You can ask your circle of family and friends, create a nice pitch deck of what you did with this duplex, and pitch your idea to them so they can give you capital to do it again.

If you have other assets such as stock you can look at taking a loan against, or liquidating them.

Just a few ideas to get you going. Do your due diligence, and work the numbers.

 I think put simply Jon answered best. You must occupy the home, and remain for one year. You can air bnb by the room during that time if you desire. Once that year is up, you can do as you please.

Wealth of knowledge here. Find people in your local area and network. Dial down the investing strategy you want do to and search for the information on here. There are plenty of blogs, books, video's, and forums.

I suggest 1 year max unless your dealing with a cooperate lease. Gives you flexibility to do what you need.

If your doing all the work, and they are just providing capital, I would take 50% for yourself and they can split the other 50% depending on their capital contribution. You shouldn't need to put anything in if your doing everything else.

Though if it is a new relationship, putting some skin in the game helps.

This is your blanket answer. Of course, each situation dictates.

I have been here close to a year now and have completed 4 separate home projects. I will say it has been TOUGH. Do you due diligence, and it will lessen the burn. The quality of contractors in Pensacola, I have not been impressed with so far.

Caleb! We are connected on here as well. Would love to see the flip!

Valid point @Stephen Reyes, and that is why I am buying all three. Going to try Brrrr and Airbnb.

Looks like you have it figured out. I agree with your choice, especially with foundation issues.

You could also just take your time with renovations, little by little on your own free time. No need to sink money into something that will not increase the value by much.

Great work. I have also been interested in this process. Le me know how it all turns out.