All Forum Posts by: Joe A.

I understand that you're unlikely to qualify as a real estate professional if you have a full-time W2 job. What if your W2 job was something based in real estate though? Say a construction worker or property manager, for example.

Good call with renting the other bedrooms @Nicole Marshall to minimize carrying costs. I’m not in a position to do that because all the bedrooms will be filled up with my little ones. The more I look at this I am not finding enough margin. I could save about 70% of my expected flip gains in the same 3 year period. I would have to take my savings rate way down to carry and rehab. So the effort/risk doesn’t appear to be worth it for me. I’m thinking my best bet is adding another rental and keep maximizing savings rate. 

@Aaron K. thanks for confirming my suspicion :)

Thanks @Aaron K. 

I'm thinking this house may be a bit of a "in betweener". Not enough there for pro flippers, yet still scaring retail buyers off. I'm thinking that I could maybe get it for 25% below ARV. Mostly cosmetic stuff that I can do myself. Maybe I'm trying to convince myself.

Hey everyone, looking for some direction on whether to proceed with a live-in flip.

I own my primary residence and have 2 separate rental units. Between my W2 income, rental income, and keeping expenses low, I have a pretty good savings rate (30% or so). I’d normally use these savings for the next rental property.

I recently came across what would be a good live-in-flip right in my town. So I’d rent out my current primary residence, move into the live-in-flip, and then return to my current primary residence in 2-3 years, after completing the live-in-flip.

I would need to stretch my expenses to carry and repair the live-in-flip. So is it worth sacrificing my current savings rate for a larger gain through the live-in-flip in a few years? My gain through the live-in-flip would likely 3x what I would have saved.

Let me know what you think!

Sounds good! I’m planning on being there - February 10.

Good points. I agree with @Charlie MacPherson

@Brian Ellis Funny you mention small Ptown condos. I came across this one earlier today. It seems like it’s not winter-ready(heated). But who needs winter when you can fetch $2k a week in summer!

https://www.zillow.com/homedetails/21-Dewey-Ave-UNIT-4-Provincetown-MA-02657/56789694_zpid/

Thanks @Charlie MacPherson

Good info on the cape! I hadn’t considered the winter rentals. I was just thinking vacant during off-season.

Does anyone have any thoughts on the cape? Seems to not be mentioned here. Too seasonal?