Hi I have been looking into flipping for about 3 years now... have done my homework and want to go full force and get a deal under my belt. I fully plan on doing all the marketing/analyzing properties to get the first deal.
So... If I have a good deal using BP calculator or house flipper spreadsheet is it likely someone would go in with me as a cash partner?
I would of course put up my own money too. I could put in like $10-15k.
My only other option would be to do a hard money loan, right?
Has anyone done their first deal with a Hard money loan?
These are my thoughts... appreciate some feedback, thank you!
Plenty of people do their first deal with a HML.
Just remember they charge points plus interest.
Typically in the 1-3 point and 10-12% interest range.
You also will need at minimum 10% down.
Some will also require you to have rehab funds which they reimburse.
You only have $10-15k cash to put into the deal.
That doesn't give you much leverage for acquisition plus rehab.
It sounds like a private money partner would be best for you.