First Flip & I Neeeeeeeeeeeeeeeeeeeeeeed Help!!!!!!!

[Quintessa Haynes]

I have laid eyes on a property that I want to be my first flip!! I know that I will have learn a lot MORE once I get the ball going!! But...my question is WHERE do I get funding??? I know it will be kind of hard being that I don't have an extensive portfolio, but does ANYBODY know any Hard Money Lenders that are will to take a chance on a newbie??

#PleaseHelpASistaOut

[Account Closed]

First recommendation is to get the property under contract.  THEN, look for your funding.

If the deal falls through because of lack of funding, you're not out anything, except your time.

I want to be very clear though, you should spend 100% of your time looking for financing once that property is under contract.

In parallel, once it is under contract, start looking for a buyer to assign it to.  That way, if you can't find financing, at least you can wholesale it to an end-buyer and still make some change.

[Edward B.]

@Quintessa Haynes,

Lots of them will be willing because they lend on the deal, not the person. They will, however, expect you to have more skin in the game (i.e. more of your own money) and may charge higher rates and points to mitigate their risk. I would go to your local REI groups, where you should find representatives hanging out, and/or google Houston HMLs and call a few. I assume the property is in Houston.

[Quintessa Haynes]

Awwww, thanks!!!! I will do that! Thanks!

[Cody L.]

"First recommendation is to get the property under contract. THEN, look for your funding."

While that's good advice, there is often a chicken/egg situation.  Many sellers don't want to deal with people that are going to tie up a property, then go scramble for funding.  In this case, you don't have much choice, but after this is done, talk to a few hard money lenders in advance.  See what type of deals they like and don't like.   Then you can go after your next deal with financing in hand.

I don't often take offers from people that have never bought and don't have proof of funds.  Or if I do, I make sure to collect a high enough option fee that it's worth my time if they flake.

Good luck!