All Forum Posts by: Tyler Beard

Thank you very much for your input. You're right I might be getting in over my head. I was going to take the profit from the flip and finish my home to get it ready to rent it, and purchase another fixer upper out right and make it livable and live in it till I finish it and then rent it out. Just repeating the process. I decided to hold off on the flip. Just to focus on getting my own home finished to rent it out, and once it is ready buy another one. I just thought the deal was to good to pass up. The property I was going to flip does need more than just a roof but the roof was the only major expense I could see without the inspection. I was going to have it inspected obviously, but now I am going to let the opportunity go.  Once I have enough money to buy a home without financing it and the repairs I will get into flipping properties. 

Hey, I am new in real estate investing. I found a foreclosure that is only $32,900 in a neighborhood with houses that sold for around $130,000. It does need a lot of repairs. I plan on getting an inspection, but I want to figure out if I am going to be able to finance this property the way I want first before I move forward. I already walked through the property and the only thing I could see is that it definitely needs a new roof, and it has water stains on the ceilings, so I am going to estimate for cosmetics and other repairs around $32,000 max for the interior and exterior updates. I just want to figure out a way to tie in the repairs into the mortgage if possible. I am looking into the Fannie Mae Homestyle renovation loan. I have a mobile home I live in that i paid $8,000 for and renovated. I also work full time so I still have work left to do. I am doing all the work on my own so it is taking me more time than I wanted. I was going to flip this investment property and take the profit and finish my mobile home and buy a second mobile home and rent out the first one. finish the second one and rent it out. eventually using the same process moving into a house let the rental income pay my mortgage and  flip houses.  My other option and problem that I am having is with financing this flip is that it is so cheap that if i have issues selling the property I can move into it and rent out my house once finish. I want to minimize the risk and still make some money in the end regardless of my end decision. The flip property is so cheap even with the repair I know  could afford the payments if I decide to move into it. I just want to know if I seem like i'm moving in the right direction, if anyone has any experience with the Fannie Mae loan, and if there is any other ways of financing with the possibility of moving in to the property so hard money loans or short term loans are out of the question. Hopefully I won't have any problems with selling upfront so I will not have to move in. If i do ill try to pay it off and add it to the list of rentals that i will hopefully own,  but I really want this flip to go through so I can make  a lump sum to move forward in finishing my property i already paid off, and pay off a second.