Hello all,
I am new to BP, but definitely looking to jump in 100%. I currently live in Downingtown Pa, which I purchased a house with my ex.. Dummy! I am just kidding, as now i have had the house for 10 years. When I bought the house i did not have much money, and over the last 10 years it seems like if anything could go bad, it did. I currently owe roughly 205k on it. There are 425 homes in my neighborhood with currently only two on the market. The homes are being listed at 300, and the other at 310k. Both homes went up on a Thursday and are under contract by Saturday for over listed price.
This leaves me with the idea of selling my home. After listening to success stories on the BP Podcasts, I am ready to quit my day job and jump right in. I am unsure on a couple things though;
1. Do I try to find a duplex ... and house hack? (would this look better for me as trying to start a business by doing this as a full time job) meaning even though I should walk from the current home with some cash, will I be able to get financed without having a full time job. P.S. I can move back with my parents temporarily so I am not worried about myself having a place to live.
2. Do i make the business initially on Flips then down the road buy rental properties... I am very handy, have most tools to do any house job, can do electrical, plumbing, drywall, paint, flooring, complete gutting and rehabbing, etc...
I just don't want to quit my job and screw myself. The reason I keep saying quit my job is I work crazy hours and it would take a while for me to do all of this work, i would only have weekends...
Looking for some insight, or some direction maybe best practices..
Thank you in advance,
Joe
