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Updated over 7 years ago,
Questions from a first-time flipper
I found a local house I'd like to flip for my first investment, but have a few questions before I do:
1) I've never worked with a hard money lender before. It's looking like I may need to in order to afford the property and rehab. Should I find a lender who will pre-approve me for a loan (as of today, I can only estimate rehab costs based on online listing photos)? Or wait until I have walked through the property to get a better sense of the rehab needed?
2) Can I legally (I'm in PA) schedule an appointment for a general contractor to walk through the house with me to generate an SOW before I even own the property? I probably can't, but doing so would give me great information to bring to a lender.
Any other tips anyone can offer a first-time flipper would be appreciated as well.
Thanks.