The idea of flipping a house is one that has been swirling around in my mind for quite a while. It’s
always seemed so risky but so rewarding at the same time. You see all these shows that make it look so
easy, but I know that’s not the case at all. I’ve had experience with remodels on a commercial level, and
a 1-hour show cannot realistically depict the struggles of construction. And even the easiest of remodels
still have issues and potential unknowns.
It doesn’t seem so scary…
After my own experiences with commercial remodels and watching a couple friends and family
members flip residential properties, it’s become a less scary idea for me. So, I reached out to a lender,
who was recommended to me and who specializes in rehab financing. He explained his program to me and
pretty quickly got pre-approved… not scary at all!
This may seem off the path of “Mission: Cindy Buys A Rental”, I thought that myself, but it actually fits in
with the plan. I could buy a house or cabin to flip and keep as a short or long term rental. But I could
also choose to flip and sell a property which would add to the amount that I could put towards
purchasing my first rental.
So, what’s the plan?
What I’ve decided to do is keep my options open and look at a lot of properties. I know I’ll find the
perfect property for me, and if it happens to need a lot of work I know have the perfect financing option
for it. So, I may end up flipping a house! If anyone has advice to give me in any areas of real estate investing, I’d love to hear them. Feel free to email me at email@example.com.
That lender must be a good guy 😉 In case we didn’t talk about it yet, you can use this same strategy to pick up rentals as well, not just flips. The rehab builds the equity into the property and then you refinance out without having to bring the typical 25-30% down for a turn key rental.