Newbie here need some advice

[Jackie Escamilla]

Any and all of your advice is greatly appreciated.  I currently own a SF home.  My intent is to purchase fix and hold at least 2 multifamily units. I am from Chicago. I found one property for $52,500. Advice will hold or fix and flip? 

My questions are as follows: 

1. Should I take out a loan for a property like this?  If so, should I go with my current lender or do I choose a different lender? 

2. How would I pay the contractor to fix the property? 

I just want to start swimming before getting lessons. 

Thank you in advance..

[Tj Hines]

@Jackie Escamilla

1. Should I take out a loan for a property like this? If so, should I go with my current lender or do I choose a different lender? (What condition is the property in? If it's in rough shape, more than likely you wont be able to get traditional financing. You may have to get a hard money loan, but from the sound of it, you don't have the experience. Hard money loans can be tough. One mistake and oh well there goes your profit. If you can find a way to partner with an investor who has some experience already, that may be better for you. It will mitigate the risk and cut down on the mistakes you would potentially make on your own)

2. How would I pay the contractor to fix the property? (Once you have a solid contractor you like and trust after vetting him or her, then you need to make sure you have contracts and lien waivers in place upon each payment installment you make with them. Whatever you do, don't give them all the money up front. Give them only enough to buy materials to start the job. If a contractor says he needs 50%+ up front - run my friend and never look back)