Flipper · East Norwich, NY · Member since 2015 · 3 posts · 1 vote
Hi All
I am new to the BP forum as well as flip and was hoping to get some feed back on best practices to get the ball rolling: I have looked at a few properties but realize I might be going about this a little off. My game plan is to utilize both my own cash as well as " hard money." Do you suggest I secure a line of credit before I look at any more properties?
Most lenders are looking for an expense deposit (1 national company is looking for $2,500) to cover their cost of due diligence and establishing line/loan. I know hard money can be expensive ( pts, 8%-12% plus every fee they can stick in the agreement ) but the expense deposit appears to be excessive to to get started.
Welcome to Bigger Pockets. BP is full of resources. You will find resources here from blogs to pod casts and forums. You can also send messages to members. This is one of my favorite features of Bigger Pockets especially for asking specific questions.