I found a great deal, now what?

[Tyler Blackburn]

Good morning BP community!!

So this might be a very basic question that in 6 months from now I will be embarrassed to look back on, but I suppose we all must start somewhere. So I am trying to get a basic timeline of how a house flip should go when doing creative financing. I have understood so far that the power in finding a good deal is enough to overcome a strapped budget, but what follows that? I have seen a lot of responses about getting it under contract and then approaching hard lenders, but what exactly does that mean to "get it under contract" and how might I do this?

I have quite a bit of determination to find a good deal, but I don't want it to slip through my fingers as I pause to research my next steps. I prefer to get a timeline of the process between checkpoints.

Sorry if my question is over simplistic. Any corrections in my thought process are VERY much encouraged. I am a learning sponge right now!

Thank you and hope you all have a good Monday!!

Tyler

[Charles Kao]

How is your credit? One of issues I had was I was cash strapped as well but I had good credit and worked for a bank so I knew how lending worked. If you have good credit one of things you can do is write a convenience check off one of your credit cards for the downpayment. As long as the funds sit in your account for 2 bank cycles the bank will not consider it "borrowed funds" and you can use it for a downpayment on property or even buy a house. See my blog for details on how I did it!