New BP Mmeber from NJ - FHA 203k Loan

[Shane Cooper]

Hi Everyone,

I am a new BP member from North Jersey and have very much appreciated everything I have read and listened to on the site! Thank you to all the members who put the time and effort in to help us newbies out!

I am looking to purchase my first house to flip and was wondering if anyone had any suggestions on what type of loan to use? I have come across this FHA 203k loan and it sounds too good to be true (The bank buys the home and pays the construction costs).

Any help on this subject would be extremely helpful.

I know how saturated the North Jersey market is and without buying homes in all cash I have a disadvantage. So if I have to use a loan, what is my best option?

Also, any NJ BP members out there, feel free to reach out. Would love to discuss real estate anytime!