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Quinton Wadkins
  • Salem, IL
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In search of advice for quick funding for my first flip.

Quinton Wadkins
  • Salem, IL
Posted Aug 7 2019, 16:01

Hey All, my name is Quinn and this is my first post on the forums. I am 24 years old and I did what everyone said to do, I went to school in hopes to get a degree and find a good job. I got a degree in economics and I currently work as a stock broker. Having said that, I have become very interested in real estate as a vehicle to pay off student loans, build long term wealth, and achieve financial freedom. I started by listening to the BP podcast, and reading some of the books that came up on the podcast. I am very drawn to the idea of flipping. I love the idea of seeing opportunity in something that may turn others away and bringing homes and neighborhoods back to their former glory. My goal is to get into real estate by flipping a few houses to fund long term rentals for cash flow. I am also very interested in the BRRRR strategy.

I have found two foreclosed properties for $35k in neighborhoods that I am familiar with and they seem like good deals, the renovations needed appear to be mostly cosmetic and I am currently working with my real estate agent to estimate ARV based on local comps. Having said that, my fiancé and I are getting married in May and I was planning on saving money through the winter and getting started investing after my wedding in the spring. If I were to take a shot on these deals, how would you suggest going about sourcing funding? I just bought our first home in April and with the wedding coming up, a large down payment does not seem feasible currently. I am thinking that hard money is likely my best option. What lenders do you suggest? What kinds of questions should I ask them to make sure that I am choosing the right lender? Lastly; what things can I do, besides finding a reasonable ARV, an estimate of repair costs, and finding a good contractor to convince the lender to lend the money based on the value of the deal. I want to be clear that I am not trying to ask for a loan through this post, only suggestions on where to start.

I did find similar threads and discussions on the forum but I wanted to start my own that was very specific and hopefully the answers I receive will be relevant to what current funding options are available as well as find specific methods and lenders that you all have experience with.

Thanks,

Quinn

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