How Do I Finance My 1st Flip with no Money

10 Replies

I am new to fix and flip. I want property in Atlanta and Mobile Alabama .  I have low credit scores due to debt and no extra money.  How do I start? I am in Atlanta. Any advice, tips, creative financing?

Originally posted by Account Closed Atlanta is great to wholesale. Start there without money and credit. I lived there for 30 years and Atlanta is fast moving and the REI is great. I flipped a few and great payday! Make a plan. 

I'm definitely interested in learning how to get into it all. 

 

@Mocha Young Financing your first flip with no money may not be that easy, however working with private investors will allow you to do deals with less money. Once you build a track record I am sure investors will feel comfortable financing 100% down the line. 

Best of luck in all your endeavors.  

No credit and no capital and most advice will say to wholesale. In most cases, that is terrible advice. First you need to work on your credit and start increasing it. Second you need to get a higher paying job or a second job to start saving capital. I would recommend that second job be in the construction field, real estate field, or something associated with a skill set that coincides with house flipping.

Then you want to learn your market and start talking to people about raising investment capital. You may then line us some hard money lenders and then start your search. There are a ton of ways to fund deals but you need to start with proving your financials and your credit first.

I would definitely follow everyone's advice that has shared on this thread.However, I come from the same situation as you. At 21 years old, I had no money or credit to purchase my first deal, but I had TIME and the knowledge of a good deal on my hands. So I began networking at various meetups in my area and eventually met with an investor who had the funds to purchase and complete the deal. Being that I had no "skin in the game", I offered to manage the project from start finish and take a smaller percentage than the investor( I.E. %30 for me, %70 for the investor). I ran the project, he funded it, and we were both happy as can be with the finished product and profit. So don't be discouraged to get out here and find a deal when you don't have the money. If the deal is makes sense and you have the knowledge, the money will come along. Good luck!