Where To Find Financing For First Flip - Chicago

[Erik Ortiz]

Hey, BP community! My name is Erik and I'm from Chicago, IL. This is my first post so I'm not sure what to fully expect. I am finally deciding to make the jump into flipping houses which is something I have always wanted to do. I've found a home for about 40k, it's not in the best neighborhood but the comps are between 235k-275k fully remodeled so there's potential. I have a realtor that I can work with and a contractor as well. What I don't have, is the financing. I don't want to buy it cash because obviously that's not very smart, at least not when I'm starting out. I was looking into hard money loans but I believe I need an LLC, which I do plan on starting within the next 2 months but have not done yet. Private investing is probably not an option since I'm new to this. I hope I can get some advice and ideas from you guys on financing for the purchase and for the rehab as well. Any kind of advice is greatly appreciated! Thank you guys.