All Forum Posts by: Vicky Theroux

The rehab is about half done on the new house. We have had it for two months.  We still have the kitchen and painting to do.

Not really a room to rent out.  I have cash assets to finish these jobs, but not to purchase another home, even at auction.

Wholesaling might work. I know little about it. Essentially what it involves, but i know there are resources on here to find out details.  Biggest issue is i have no idea who would take the properties I find!

I have been dreaming of quitting my day job for years and getting into the flipping/rehab investment property business. Problem being, always, money.

I recently purchased a rehab property with an FHA loan and we are living there and rehabbing it to build sweat equity. If it doesnt required a licensed professional to do, we do it. Rehabbing bathrooms, flooring, tiling, the kitchen also needs a total remodel. These projects will hopefully translate into a home equity line of credit to fun future investments.

I bought the house @70% of what comps with upgrades would sell for. .. That WAS the long term plan. Not a quick plan, but do-able!

Fast forward to last Wednesday, I was laid off my job. Now my dream of quitting my day job to flip houses is more possible, yet more remote, all at once!  I have the time, unemployment will pay me for time off work to get going,, but without a job, the possibility of any kind of conventional loan to finance my first project just evaporated.  I am not sure my home equity plan will work quickly enough to have a clear cut career path change...

Ideas?

Vicky

Hi Michael!

I am almost exactly in the same financial state you are, having just purchaed a home with an FHA loan and with little extra money to invest. I do know i would like to flip rehab properties and I have great remodeling skills... Anything that doesnt require a license to do (new plumbing and wiring etc), I can do it!

Given that, i am starting by maximizing the investment I have just made - my home. It has many areas needing cosmetic upgrades that will build sweat equity into the house. From that, i should become able to get a home equity loan to finance future flips.  Those skills i have will maximize any flip i start with, since i will not have to pay for the less skilled workmanship.  

Is that a possibility with the house you just bought?

Vicky