Saint Louis, MO · Member since 2016 · 8 posts · 1 vote
I have just started out being a real estate agent so I have have the greatest or most consistent income. I'm trying to get money to invest in a flip. Does anybody have an ideas or suggestions of where to get a loan with zero or little money down for a flip? I'm located in Missouri if that helps at all.
I have just started out being a real estate agent so I have have the greatest or most consistent income. I'm trying to get money to invest in a flip. Does anybody have an ideas or suggestions of where to get a loan with zero or little money down for a flip? I'm located in Missouri if that helps at all.
Have you read @Brandon Turner's The Book on Investing In Real Estate with No and Low Money Down?? Cough* Cough* Plug* Plug*
Tough post to answer Josh. You're just getting started, have little experience and would like a loan program with no income verification and zero to little money down?
Maybe you would do better as a bird-dogger for now, until you build up some money for your investments. Please reach out to Chris Erwin at www.primeturnkeyinvestments.com and see if you can help him find the right properties to purchase in St. Louis.
Try to find properties where the owner has had trouble selling for whatever reason and see if they are open to holding a note. Sometimes people just want out and are willing to try something different...
A few options here - owner financing as previously mentioned though that will be challenging to find, especially in a flip scenario. You will probably have an easier time trying a live-in-flip - you can get down payment help from MHDC if you're a first time homebuyer, and if you select multifamily with a lease in place you may be able to use that rental income to help you get the loan.
I have just started out being a real estate agent so I have have the greatest or most consistent income. I'm trying to get money to invest in a flip. Does anybody have an ideas or suggestions of where to get a loan with zero or little money down for a flip? I'm located in Missouri if that helps at all.
Have you read @Brandon Turner's The Book on Investing In Real Estate with No and Low Money Down?? Cough* Cough* Plug* Plug*
I have one home that I am currently renting out. I am not sure how much that helps with getting a loan though.
That depends on the lender & how the property is held (in your name, LLC). If you have a lease you may be able to use that revenue as regular income when calculating the loan amount. If you have any equity in that property you could also use that for a downpayment.
Find a partner: and that come in many forms.
The easiest is to find a private individual with the cash and you do all the work and then split the profits 50/50.
After a few deals like this you should be able to either fund 1 flip at a time yourself or find softer money since you've got a track record.
But for any kind of investing (Even flipping) you probably should have reserves of some kind, investing with no money down is a lot different than investing with no money (Not saying that's your case exactly!)
Josh, we should talk sometime, feel free to message me. This business can be very difficult to get started in. Once you build a track record, it can get easier. Let me know when you have time to talk.