Real estate questions
Hey guys! I just joined yesterday due to the book I was reading (the book on rental property investing). Just a little background of myself, I’m currently 21 years old and I am a contractor. My dad owns a improvement business, and would LOVE to get into fix n flips. The only thing is, I make about $40k a year and have some savings but not a lot. My question is, how would I get the finances to do a fix and flip? Should I go through a bank or a hard money lender? Will they even accept me with the income I have? We would be doing all the work ourselves as we have team of reliable tradesmen and would love to start. Thank you so much!
Most Popular Reply
Hi Brandon! That's awesome that you and your dad want to flip houses, that's how my company started too! We have built systems in place that we now flip 20+ houses a year, all with hard money lenders. This is usually easier as you get a few successful flips under your belt to show a good track record, but I would definitely recommend networking with other investors in your area and see if anyone would be interested in lending on a flip with you. I've also had great success with Kiavi (previously called Lending Home). Typically your first couple will have higher terms than when you can show you've had success on a few, and that's okay. Just make sure your numbers work well with the terms you get. I would love to help you out even more if you have more detailed questions, feel free to send me a message any time!