Funding???

6 Replies

I am just starting out and my plan was to borrow enough to buy two homes and then sell one to pay off the debt quickly and anything else would go to fixing up the other home. Would some lenders delay the monthly payments to get the full payment or do I need to ask a private investor?

J Quinn

How much of your money are you investing in the deal?

Joe Gore

I need to borrow about 100,000.

I don't know anyone that will loan 100%. You have nothing to lose

Joe Gore

@Jeffrey Quinn - I don't really understand what you are looking for. Funding to do a fix and flip? If you have no money to put down you would probably look to borrow from friends and family. Conventional financing will require a down payment with your own funds. Even hard money lenders usually require you to have some money in it, especially if you are looking for funds on the rehab costs

Medium second city real estate logo   white close upBrie Schmidt, Second City Real Estate | [email protected] | http://www.SecondCity-RE.com | IL Agent # 471.018287, WI Agent # 57846-90 | Podcast Guest on Show #132

Thanks for the information. Apparently, I was led astray by false information. My thinking was to borrow the money and offer a good return when I was able to sell one of the houses. Thereby giving a return of about 15% interest. Now I think I will have to work a little harder to scrape together about half first.

Free eBook from BiggerPockets!

Ultimate Beginner's Guide Book Cover

Join BiggerPockets and get The Ultimate Beginner's Guide to Real Estate Investing for FREE - read by more than 100,000 people - AND get exclusive real estate investing tips, tricks and techniques delivered straight to your inbox twice weekly!

  • Actionable advice for getting started,
  • Discover the 10 Most Lucrative Real Estate Niches,
  • Learn how to get started with or without money,
  • Explore Real-Life Strategies for Building Wealth,
  • And a LOT more.

Lock We hate spam just as much as you