During my time living here, I house hacked by living with roommates, virtually cutting my housing expense to zero if I average it out over the two years.

Hiring a virtual assistant may help also.

.#5 Practice, Practice, PracticeWalkthrough potential rehab properties (or find properties virtually online) and practice creating detailed scopes of work, quantifying repairs and estimating rehab costs for the projects.If you are not willing to put in the time to learn, then you need to find someone that has construction experience that can help you with this process.

I hashing out this creative strategy I’m piecing together and i wanted to know if it’s already a thing or even a good idea at all 😂Here goes:I want to use the “purchase agreement” element from wholesaling and combine it with the creative financing lease options provide but without tenantsFor example:Bob = BuyerTim = Wholesaler with private lenders- Bobs trying to sell his house for $30k- House has an ARV of $200k- House requires $50k in repairs- Tim has access to $100k in private lender money So in short...ARV = $200kAsking = $30kRepairs = $50kMOTIVATION:The seller is motivated because he can’t afford the rehab and is tired of holding on to the place and he’s not budging from $30k because that’s just breaking even for him and every wholesaler wants to offer $12k so they can include their finders fee hypothetically Tim offers Bob a creative deal where he can get him the price he wants but it’ll be after they rehab and sell it 6 months later at mostBob is interested in hearing the terms since he’s desperate, he also owns the house free and clearTim offers a 10% deposit towards the asking price ($30k) which is $3,000 plus $300 a month as cashflow to the owner while rehabbing the property (6 months max) which will cost $50,000The deposit and cashflow go towards the overall principal So far Tims costs are...Deposit - $3,000Cashflow - $1800Rehab costs - $50,000Reserves - $15,000Closing - $10,000Total - $79,800 Tim gets a private lender to finance the $79,800 with a 10% return in 6 months and it would be paid back all at once so about $7,980 in interest when it’s all said and doneTim sells the house for $200,000 $200,000 - Gross$25,200 - Goes to buyer $87,780 - Goes to the private lender $10,000 - Goes to closing costs$77,020 PROFIT So the play here is that you only pay for the rehab and deposit/cashflow up front and don’t pay the actual purchase price until the house is sold and it comes out of the grossConstructive criticism is appreciated lolPlease no keyboard overlords who get off on sounding righteous and right 😂

Lastly I have virtually unlimited buying for any property SF MF I choose to flip.  

If I can get a property for virtually no money, (in your case a 3.5% down payment) in a solid neighborhood in a prime city and have that property more or less break even once ALL expenses are accounted for, then I would go for it, especially since I am financially stable enough that I won't notice the cash flow, or lack thereof.   

.#5 Practice, Practice, PracticeWalkthrough potential rehab properties (or find properties virtually online) and practice creating detailed scopes of work, quantifying repairs and estimating rehab costs for the projects.#6 Get Your First Rehab ProjectYou can practice all you want, but ultimately you will learn the most about estimating rehab costs by actually rehabbing a house.

Ryan Hill of The Virtual Realty Group Arkansas, LLC (Hog Properties) was the buying agent.

Ryan Hill of The Virtual Realty Group Arkansas, LLC (Hog Properties) was the buying agent.

Except that this foreclosure of the first would necessitate a public sale at which the bidding for a $500k house needing virtually no repairs would go much higher than $300k.