I'm a full time attorney in Atlanta and I want to start flipping houses on the side to generate extra money. My work is my job but I want to do something I am passionate about, and I have become very passionate about real estate. My credit score is great (824) but I don't have liquid cash to purchase a house and pay for the flip. I own a house in Athens, Ga. that I am renting out and I am renting myself here in Atlanta. My partner owns the house we live in and I pay rent to him. The neighborhood has really taken off and he has a lot of equity in the house now.
I have been reading a lot about house flipping to educate myself and of course watching the house flipping shows on TV. I fully understand the process is not as easy and glamorous as they make it seem on television. I have become familiar with the areas and neighborhoods I want to make my niche. I have even scouted the real estate apps and found potential properties for sale that I believe are undervalued based on comps in the area and potential for profit with renovations. I am not going to rush into something unless I know I can be successful at it because I don't want to ruin my credit. But I don't want to miss out on opportunities, either.
I have a friend who is a contractor and is interested in flipping, and another friend who is an interior designer. These are people I know I can trust and I could hire them to help me. My partner is also an attorney, and although neither of us do real estate law I am confident we could learn it.
I feel like I have a pretty good team in my network, but don't know what to do next. I am meeting with a realtor later today to discuss my goals. Is this the right step right now? How do I get started? Do I need to ask a bank for a loan to flip? Do I need money first and then find a house or find a house first and then get money? Is it possible to get financing with little or no cash down based on great credit and a house I'm renting out but still owe money on? Any advice is greatly appreciated!
