Is it wise to take out a loan to start flipping houses in Virginia?
I want to start flipping houses, yesterday! I’ve read up on how many people started and it seems that they begin with money they had saved or profit made from selling their own home. Well, I can’t sell my own home for another 4 years. I do have some savings but if I deplete my savings, I won’t have money to fall back on to make mortgage payments while I am waiting for the house to sell. Therefore, my only other alternative (that I can think of) is to get a loan from the bank to buy a property. My concern is, what are the chances of making a profit from the sale, after I have paid the bank their money back with interest? Has anyone started out in the business like that and found it successful? Any other suggestions?