Updated almost 16 years ago on . Most recent reply
Getting started? $
So here i am wanting to get started in the rei game. I live in a home for free due to a relative passing away. I want to focus on flipping for now to generate a decent lump sum and then use that to get into some cash flow scenarios..... How do I fund my first purchase is really my question. I have excellent credit, and want to know more about how to finance a first flip? Any and all communication is appreciated!
Gmm
Most Popular Reply
1. Find a small, local bank that will lend for a rehab project ("rehab loan"). If you have great credit and the deal is great, you might be able to convince a local bank to take the risk on your first project (I was able to when I first started).
2. Find another investor in your area who is willing to finance the deal for a % of the profits, assuming you find the deal and you do the work. It would be a partnership.
3. Find another investor in your area who is willing to finance the deal and mentor you through it (giving you a small % of the profits), assuming you find the deal. You would be bringing him a deal in return for his mentorship and maybe a bit of profit.
4. Find a Hard Money Lender.