Looking To Start First Flipping Project, Need Advice!

[Kevin Powell]

Hello BP! I'm somewhat new to the real estate world. I'm living in Northern Cali, but looking to maybe do an out of state flip project in an area that's more reasonably priced, maybe Memphis or somewhere in Texas. With a decent personal credit score (if it matters), what's the best way to go about getting funding for a project or scouting for a deal, putting everything in place? I'd like to get going just don't know the first steps. It it Hard Money lending I should be seeking? 

[Michele B.]

First grasshopper you must learn to walk.....(sorry I am in a funny mood). How are you gonna manage this flip from ca to Memphis? How are you gonna find a deal without looking at it (inspecting it?) First find a piece of property run the numbers show them to someone here have more than one person look at them. You will need purchase price, how much to fix it up, what are the holding costs and the closing costs, how much you have down, what are taxes, insurance , the LTV , heat, electric, garbage, yard work, miscellaneous other repairs that might not be in rehab, and then after we help you with those numbers make sure you have a license contractor and someone who is watching over him to make sure he does the correct work. If the numbers work from here then you can get it under contract, then have it appraised and have the contractor do a walk through to make sure there is nothing else that needs to be done. If that all goes well then contact a lender that will do hard money give them the numbers, and ask how much you have to have down.

In other words start at the beginning.  Work the numbers and when you think they are worked work them again. 

Good Luck!

If you have any further questions please tag me.