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Updated over 2 years ago,

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3
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0
Votes
Abigail Glover
  • Rental Property Investor
  • Fort Mitchell
0
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3
Posts

What would be my best option for funding my first flip?

Abigail Glover
  • Rental Property Investor
  • Fort Mitchell
Posted

Hello all, I currently have two rental properties. One has been a rental since 2006 and the other since 2010, I currently have approximately $160K of equity in one rental, with a 3.25% interest rate (VA loan) and approximately $95K in the second one, with a 5% interest rate (Conventional loan). Due to the current interest rates I'm not sure about cash out refinancing on these properties. I want to expand my real estate investing, by getting into flipping a few properties, and building my portfolio with the BRRRR method of real estate investing. What would my best option for getting funding for my first flip? I plan to bid on a property at the next auction in my area, to obtain my first flip property. What is the best way to get funding for an auction? I have talked to a few hard money lenders but, they want you have experience with flips. Advice will be greatly appreciated.

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