First Time Flipper (fixer) Looking For A Clue
I originally posted this in the "wholesale forum", but as I continue to remain fixated by TCI, realized it should be posted here as well..my apologies for the double post.....
Hi. Just found this site last night, and can't believe the great insight that is being shared. Would love any input the seasoned veterans can provide, as I have lots of questions (many of which are probably stupid), and need some good "gut checking".
I live in an area with fairly upscale homes that mostly date back to the 20's and 30's, and would like to get into the business of buying, fixing, and selling as quickly as possible. Will be testing for my General Contractor's license shortly, so will do most of the updating, sub-contracting the more difficult / mojor work. Also considering having my wife participate by getting her Realtor license for access to the listings, and a 'win -win' by acting as the buying agent. Are there any rules, or 'gotchas' relating to that? As for financing, would a line of credit be a wise choice, allowing me to only pay the interest for the 3-5 months I own the property? Thanks
wow you sound busy. This line of credit if its on you existing home is great. You wont have to remove the lean to sell and as you pointed out pay when you need it.I also use 0% credit card checks then pay them off. Let me Know how you make out getting your buyers financed in less than 6 mo.