I Want to Flip in North Carolina

[Savai Smith]

Hello!

What is the best method to go about seeking a legitimate private lender, to fund the purchase of a residential property/rehab, here in the Raleigh-Durham, NC area?  Once I successfully sell this flip, I would use my net proceeds to purchase another property to buy/hold.  

Also, one company I spoke with today stated they could finance me at 100%, but, because this would be my first transaction with them, I would be required to submit a deposit of $3,000.  According to them, this would serve as earnest money and other fees that may arise, but, would be refunded to me once I close on the rehabbed property. (Is this normal procedure?)

Any feedback will definitely be welcomed.......

Thank You,

Savai Smith 

[Mindy Jensen]

@Nicole Lorenzetti, @Jonathan Taylor Smith and @Savai Smith . Yes, there are fees associated with these loans, but legitimate companies will collect them at closing. An appraisal fee is just about the only thing you should consider paying upfront, and those run around $300-$500 for a single family home.