All Forum Posts by: Oluwakemi Oyebade

First, yes you can use a HELOC to finance flips along with ready cash, credit cards, hard money loans and private money loans not to mention conventional financing depending on the condition of the property.

As far as your question on where to find cheap properties . . . . well if there was one source that was readily available, all of us would be using it and then the cheap properties would no longer be cheap . . .

Bottom line is cheap for one person may be overpriced for another.  Are you going to do most of the work yourself or contract it out - big difference in what it will cost you.   Same goes for the area.  We can buy houses all day long in one of our areas for under $100K and in many cases under $50K but try that in California and you might buy the mailbox at the curb for that.  The cost of the money you will need for the project is another factor as in many cases, it is the next biggest expense after the renovation itself - DO NOT FORGET TO FACTOR THAT IN!

As far as sources, you can get sleepers on MLS if you know what to look for.  Auction sites are another source that can get you a property that generates a good return (our last one returned $50K and again, when you are selling properties for under $150K, we welcome those returns but in other areas, one does not get out of bed for less than double that).  Be careful with wholesalers as the numbers they provide often have inflated ARVs and under-cost reno estimates.  Often REIG members have properties that they have for sale that may be what you are looking for.

Hope this answers your question . . . . if you can provide more details as to what you are looking for and your area, we can provide more specific information.