All Forum Posts by: Kris McGinty

I would love to receive a copy of the list as well . . . . 

[email protected] 

Thank you! 

Thanks @Dominic Lucarelli and @Tamara Taylor for your responses and words of wisdom!! Those are the directions we were looking into. We didn't want to have to move and live in the house if we didn't have to, although the 203k loan does look very appealing. Leaning towards a private lender for initial down payment, as long as we can find someone.... I'm sure we will. 

For FHA loan.... those are loans that you have to have as your primary residence, not renting or flipping. Am I understanding that correctly? Or not necessarily?

Also.... looking for some insight.....

If I buy a house that ARV is $150k, and I buy it for $100k and figuring on about $20k for repairs, selling it for $150k and making $30k profit. (using random #s to ask a question, not specifics) - Can I loan up to $100k or $120k or up to $150k? I'm wondering if I can just get a mortgage for like $125k to cover cost of house, repairs & maybe closing costs(?) and basically have all the money I need to be able to get the project done? I thinking closing costs, you have to have cash for on the spot, and the bank won't let you roll it over into the mortgage? And repairs.... do you just take out a HELOC on the existing house you're flipping/renting? Or what are my options with that, with trying to use as much of the bank's money as possible, instead of my own?

Also... do you have to have 20% cash down if you're buying a house at a great deal with already more than 20% instant equity in the place, based on buying price and market value?

Sorry..... so many questions!! :)

I wanted to reach out to everyone to get some advice/ideas. My husband and I are looking to flip a house this winter (like asap) . It will be our first one. We've done some research over the last cpl years & want to take that first step. We have our team in place, who bring a lot of experience to the table. & we're meeting with the realtor tomorrow to check out some properties. We have excellent credit for financing, however we are looking for some ideas as to how to come up with initial down payment & renovation money. I've read that some ppl when they started, they partnered with someone else initially, so we're open to that option as well. I'm aware of 203k loans which I'm not opposed to, but didn't want to have to move from where we are to make that work, if we don't have to. I didn't know if anyone had any advice or could point us in the right direction. Thx in advance. 

Hi everyone! We are new to Flipping Houses and have been reading up and getting educated for the last few yrs. We are looking to buy our first home soon in the Harrisburg area and can't want to get started!!! :)