First fix and flip - looking for advice on how much to finance

[Rebecca Smith]

I'm new to investing and have my eye on a great property; however I need the purchase and renovation budget to be covered by a hard or private lender. Offer deadline is Tuesday. How much do you recommend I borrow for my first flip considering the situation? List price is 290k, ARV is 456k if we add 500square feet (which is very possible). Looking to spend 100k in reno. Do I finance all of it, or just the down payment, 6 months of carrying costs and closing costs?

[Eric Gerakos]

Flipping is often a terrible strategy for a new investor because it requires numerous skill sets that take experience to master. BP is filled with posts from new investors who underestimated rehab costs etc and are left with a half remodeled house they can’t sell and is costing them money every month. This is a tough market for flipping even for experienced investors. Look before you leap. Best of luck to you.