House Flipping with private lending
Good evening,
My name is Joe. I live in Cheyenne, WY. I purchased a house in Sept. 2017 and currently rent the bottom out. I think for a first home, this purchase was the right thing to do. I rehabbed the bathroom and kitchen. I am looking to move to Central Texas in the near future. I will most likely keep this one as a rental. I am interested in flipping homes. I recently reached out to a private lender for the first time to see what this is all about. With my credit score around 720, he told me that I should have no problem getting 60-100k with 0% interest for 12 months. That's great! But that also opened up a whole bunch more questions for me. If I were to use that money for rehabbing the house or a down payment, I would still need to have the house financed by a bank, correct? Would I have to keep that money in my account for a couple months for the bank to see I have money? I know that I am missing a few steps. Probably a lot of steps. I really appreciate any advice at all. I am reading the beginners book as well as many more over the years. I just feel that this is the time to putting things together. Thank you all and hoping to meet a bunch of great people. Thanks again!!