Fannie is now also requiring the GP team to have significant skin in the game. 

What’s your process for vetting and selecting the right people for your team?

Based on some of the previous similar threads, it seems that having a good cross-border team is a crucial step in this game.

We have helped a ton of clients with the process here in Chicago..just be sure to find a team (Agent, Lender, HUD Consultant, and General Contractor) that has done these renovation loans in the past!

I’m trying to familiarize myself with the area more thoroughly.it seems to have a stable increase in prices.Since I plan to live in the property initially, breaking even in the first year is my main goal. (5% down; PMI removed with renovation)However, I’m also wondering if it’s feasible to have some cash flow from such rentals, or if the risk of vacancy is high in this market.Any guidance or pointers from those experienced in this area would be greatly appreciated!

Hi @Jaycee GreeneThe renno is expected to take 6 months - 12 months (we have a very good team in place).

The only thing you need is experience a model, and a team.  

For those who do their homework, build a strong team, and know their numbers, flipping is still an amazing way to make money in real estate.

Cash flow might take a bit of a back seat but building a team you can trust and building experience are top priorities in my eyes.

I do all of this remotely, so I use the above process to filter out 90% of the properties and then send the other 10% to my local team for verification.