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Updated over 7 years ago,
Interested in flipping with no expierence in California
HI everyone,
My Goal for next year is to flip at least one house and my mind has been scrambled with questions. First I understand I need to get my finances in order before I even start looking at houses so I dont have a ton saved up but I do have over $100k in equity in my house. Is it wise to use that equity for investment purposes like house flipping? If so should I get a home equity line of credit or refinance my house? and by doing so will it effect my credit making it more difficult to get a loan for the investment property? Should I have a loan lined up before I start making offers? What type of loan would work best for me with my first purchase and what should I have to present it to the banks when applying for the loan? Any advice for a way newbie in starting out in real estate? I know its a lot of questions, im just trying to get as much info as I can before pulling the trigger. Thanks for the help.
Zack