You can either use hard money, which most of the time will require the property to be purchased by an LLC, or talk the owner into some creative financing solution. Lastly, there are some small community banks here in Cincy that do fix and flip loans, try to find some in your market that do the same.
@Grant Rothenburger thanks man I'll look into it more .
3 deals in your first two months is pretty impressive, so congrats to you on that!
It's funny that you're talking about "removing the buyer and purchase it myself"; it's often more the other way around where buyers want to remove the wholesaler from the transaction and buy directly (to save on assignment fees).
As a wholesaler, you have a unique opportunity to negotiate seller financing. I'd probably start there. Brandon Turner's book on Low and No Money Down talks about this strategy (and is an overall good read for you). Hard money is probably the most common way flippers leverage to buy a deal, although that requires down payment from you and/or another private investor (usually 10-20% down). If you qualify for conventional loans, bank financing is available to use for flipping and is much cheaper than hard money, but also slower and more headaches.
Remember that buying a house requires money, but it doesn't have to be your money (although it's simpler if it is). You can always partner with or borrow from another investor as well.
Okay , sounds good I apteciate your input. 🙌🏽
@Cristian Alcaraz I'd recommend using a combo of 1. Hard Money 2. Private money
Contact Civic, Patch and 5 ARch for HM loans.
Then you'll have to come up with around 15% of acquisition + closing costs and some float dollars to begin your rehab and pay the mortgage costs.
The Private money will have to come from you and your network of people who are interested in funding the private part.
All the best and if you have any other questions, feel free to DM me.