All Forum Posts by: Vic Wilson

Hello BiggerPockets Community!

We have been trying to start our business since July of this year. We have tried numerous strategies to get started. Wholesaling through mailers, and signs. Looking through the MLS at old listings. Tried to look at the possibility of just focusing on flips with the small amount of savings we had. (But without a PML to trust us, with no history, it's rather difficult.) Then looking at Arbitrage for STRs.(Not the best time of year to start that.)
Our loans and credit score is catching up to us. Our family has had a 'intervention' of sorts with us(they were afraid we would ask them for money or move in with them). I'm honestly feeling burned out.

(You can skip my sob story and just read this:) One strategy we are thinking of is to get a 2nd job to pay the monthly minimum on the loans. Use the remaining savings to pay off 1 loan(that will start this next month, the others interest wont start until next July.) And
fix up the current house we own and get it ready for this upcoming summer. Then use that profit to pay off the loans before the interest starts.
And still hope for a wholesale to go through during that time.

My question for you is: Would it be wise to move into a rental and use the money from our house to find a flip? Or purchase a multi-family property and house hack?

Would any of you like to share your stories of things going against you when you started? I'd love to read them!

Thank you for answering!
@Jonathan Greene Yes, it's just like what you are talking about. 

What I am running into is the comps in the neighborhood average is more what I believe the house would sell for than the price per sq ft average. All of the sq ft of the comps are within a 500 difference. Some of the comps are larger, some smaller. But I would get an average of $145k for instance, and the price based on sq ft would be $171k. Which there isn't anything that sold for that amount in the neighborhood.

I am working on the Deal Analyzer pretty frequently and still feel like there is some information I need to learn.

Does it matter if you base the ARV on the average price of houses in the area, or base it off of the average price per sqft of the houses in the area?