Skip to content
×
Try PRO Free Today!
BiggerPockets Pro offers you a comprehensive suite of tools and resources
Market and Deal Finder Tools
Deal Analysis Calculators
Property Management Software
Exclusive discounts to Home Depot, RentRedi, and more
$0
7 days free
$828/yr or $69/mo when billed monthly.
$390/yr or $32.5/mo when billed annually.
7 days free. Cancel anytime.
Already a Pro Member? Sign in here

Join Over 3 Million Real Estate Investors

Create a free BiggerPockets account to comment, participate, and connect with over 3 million real estate investors.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
The community here is like my own little personal real estate army that I can depend upon to help me through ANY problems I come across.
Starting Out
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated almost 9 years ago on . Most recent reply

User Stats

17
Posts
8
Votes
Tyler Blackburn
  • Dallas, TX
8
Votes |
17
Posts

I found a great deal, now what?

Tyler Blackburn
  • Dallas, TX
Posted

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

Most Popular Reply

User Stats

1,025
Posts
610
Votes
Charles Kao
  • Specialist
  • Grand Rapids, MI
610
Votes |
1,025
Posts
Charles Kao
  • Specialist
  • Grand Rapids, MI
Replied

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!

Loading replies...