Updated about 13 years ago on . Most recent reply
How to finance my first flip?
I am looking to purchase a house with ARV of $75,000 for $50,000, and we expect to spend $5,000 on repairs. I have $25 cash saved up. If I put $15,000 down, I only need to borrow $35,000. I have excellent credit and a high income. Should I explore a line of credit? Will banks do a mortgage for such a small amount? Should I borrow against my 401(k) or my house? If I can't flip it, I may want to rent it out. Does that change the equation? Any advice would be appreciated! ~Katie from Atlanta