Hello BP Community ,
My name is Patricia and this is my first time writing in this forum, I hope to get your feedback.
In 2014 we bought a HUD house trough FHA with 230k , after a lot of work we finally came to a point where we are happy with the renovations ( new deck that my husband built , new roof,interior and exterior painting, carpet and plumbing system) which totaled around 30K. In order to get rid of the FHA mortgage insurance we switched to a conventional loan six months ago. And the appraisal for this house was 360K. Meaning we got almost 100k in equity.
Anyways, now looking at the results we would like to repeat this operation, and enter to the exciting flipping world but , we have a couple of obstacles to overcome: only 10k in savings, we also considered a equity loan but it seems that it's too soon to do it and we won't like to risk this house .
What would be the best way of begin doing this? . We have been thinking about renting this house ( we don't want to sell it since we would like to be back eventually), and buying another one to flip it but it seems that most of the houses in the market are auctions and we don't have that amount of cash. is our only option a hard cash loan? My husband is the only one working right now and makes only 70k. We live in WA.
