Initials moves to starting your first flip

1 Reply

Hey all, I’m looking to start a flip in the beginning of the next year. If I have no lenders as of yet. Would a good 1st move be going to the bank just to see what I would qualify for in say a 203k loan? Even without a property yet or lender/investor in line? All insight and tips are very much appreciated 

                                 Drew

I think going to banks, credit unions or anyone that could lend you money is a great start. If you haven't already figured out what your credit score is, I'd recommend that as well. A 203K may be a good loan to go with, but I'd keep an open mind. Tell the loan officer you sit down with exactly what you plan to do and let him or her give you some options. 

I personally have used hard-money loans on the three homes I've purchased (2 flips and one rental). It's very expensive and it's not for everyone, but I was able to make a profit still and had someone helping to kind of guide the process a bit.