My wife and I have rehabbed (mostly cosmetic) both of the properties we have purchased. They were both live-able and for our primary residences at the time so we used conventional financing. We enjoyed the process, kept our first as a rental and are at a place where we can begin investing and are interested in either a flip to sell or flip to own.
It seems like everything in the marketplace is for cash sales and while we have about $30K at our disposal, it seems that this would cover the rehab budget in the deals we have been interested in. We have excellent credit and no debt except for our 2 mortgages. (Rental and primary)
Does anyone have any tips in financing their first flip deal?
Congratulations on your flips. I was in a similar situation a few years back and talked to a few banks. Two that seemed promising at first got really complex through the process. The third bank (where I had my personal checking account) qualified me for a $60k personal loan on the spot. Was something like 6% interest for 10 year term.
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