First Flipper Question

[Lisa Roehrl]

I inherited my home from my father when he died.  I lived with him and took care of him for approximately 10 years.  It is almost 3000 square feet on a large lot at the end of a
cul-de-sac.  I would like to fix it and use this as my first flip.  The house is paid off so we own it.  Do those who provide funding to fix flip houses do this for those who want to sell Like me?

[Max Ferguson]

Quote from @Brennen Thompson:

Hi! 

You could always take out a HELOC on the property to fund the rehab. After selling the property you'd then be able to pay off the HELOC and take the rest as profit. Think of it like a credit card that's secured by the home!

 This was my first thought. Check Heloc's first. If that does not work for some reason, you have all of the equity, you could look for another investor who has the capital and work a deal to return an interest or profit percentage back to them. If it only needs minimal funding a personal loan or 0% Interest credit card are other ways for short a quick funding. 

Just remember, the market is pretty stagnant right now. It is crucial to talk to professionals in the area to see if the property is even worth the "value-add". Sometimes it is better to just sell the property as it sits and let the next owner update it how they would like. Let us know how it goes!