Updated about 12 years ago on . Most recent reply
First Time...
Hi guys!
So, my husband and I are jumping head first into this. We are going to be flipping homes and I'm pretty sure that we just found our first house.
They are asking $105k but it's been on the market for a while and it's a short sale. We're planning on offering $87k, doing improvements for $18k (90% cosmetic). Quiet costs should be about $15k. The Selling Price after rehab should be $151k.
My question is, how do we go about funding our venture? My husbands credit is terrible and mine is ... ok... but I'm 'unemployed' so conventional lending is out. We're leaning towards HML but not sure how to get started. We have $10k we can put into this out of our own money. The LTV should be 73%.
Any advice or directions (or anything I'm forgetting because I'm excited!) would be great!
Thanks in advance!