Updated over 6 years ago on . Most recent reply
Newbie here looking to get into flips
Hi, my name is Phillip Gremillion and I am a new member to Bigger Pockets. I have been trying to get into flipping homes for about a year now and I am chomping at the bit to start! A little background, I am 26 years old and live in Baton Rouge, LA. I have a degree in construction management and hold a contractors license (I will most likely be doing most if not all of remodel work). I currently have about $10,000 ready to be invested. I do own a home along with a car note but I have good credit (740 as of last week) and I have a full time job. My question is on the financing. Is my $10,000 enough to acquire the loan needed, and if so what type of loan is recommended? I would prefer to put down as little as possible so I can finance the remodel with my own money. Any and all help/advice would be greatly appreciated.
Most Popular Reply
I second @Chase Pino’s advice! My wife and I just finished a flip with no money down through a construction loan. The numbers have to work out, but if they don’t, you may want to pass on that deal anyway.