New to real estate, looking to start my first flip

[Juan Montano]

Hello,

I've been in and out with this website since i've started getting an interest in flipping houses. I have zero real estate experience and I was just seeking some advice. I live in Chicago and I have been very interested in the Little Village (South Lawndale)/ North Lawndale neighborhoods to begin a new flip. I have been reading the book "The Flipping Blueprint" and I found it has some interesting advice. My only concern would be regarding the hard money loans, are they necessary? Would I be able to purchase the home with a bank loan and get a construction loan to start the flip? I appreciate anyone that takes their time to read this and throws some advice my way. Thank you.

[Paul De Luca]

@Juan Montano

Hard money loans are necessary unless you have access to private money or cash. As for you second question, that depends on if the property passes conventional financing. Meaning it needs to be in livable condition - utilities are on & functional and there are no major problems like a hole in the roof.