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Calvin Allen
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Trying to get first property to flip

Calvin Allen
Posted Jun 25 2019, 07:40

I'm interested in getting my first property to flip but I have little to no money to purchase the property and no credit and I don't think a bank will help me with getting the cash to purchase and I don't know what I should do so if anyone could please give me advice on what should be done to get the property?

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Kiera Underwood
  • Specialist
  • Oklahoma City, OK
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Kiera Underwood
  • Specialist
  • Oklahoma City, OK
Replied Jun 25 2019, 09:25

@Calvin Allen start saving! House hacking would be a good first step. You can buy a duplex for only 3% down, negotiate that the seller pay as much of your closing costs as legally possible, move into one side as soon as you close and get the other side rented asap! This should dramatically reduce your living costs and allow you to save more. When you want to buy a second property, use the money you saved on living expenses to put 5% down and move into that property. Then, you can lease the side of your duplex you were living in!