Newbies Flipping Our First Home

[Tyler Shaulis]

Hi Tyler here, I am new member and looking to get my foot in the door. Quick info on me, I am a 25 yr old. veteran with a stable decent paying job. I am in south east Texas specifically Pearland area. 

My current road block is the financial part. I have researched ideas i.e. hard money lenders, personal lenders, and traditional bank lending, or a combination of the two. So what I am looking at doing is applying for the mortgage from my personal bank, and then using maybe a VA loan for the renovations/ down payments. Keeping in mind that I do not have a huge savings to do either of those. What would be a good direction to head into as far as getting funding for your first flip.

Also my Price range is under 100k purchase price, 10k to 20k reno and sell for profit obviously. And before you shout at me, those are extremely rough numbers, that is to just give you and idea of where i am focusing on. I have an appointment with my bank to find out what they will lend me and I can update this when I find out.

[Eric Loya]

@Tyler Shaulis Hey Tyler! Glad to hear you're seeking options to get into the real estate investment game. Good idea to acquire a property under market value, and build that "sweat equity." It will payoff in the long run as you build your real estate portfolio.

Take into consideration the FHA 230(k) loan. This program offers a low down payment option used to finance a primary residence, and also provides funding to conduct repairs on the property. Depending on how good a deal you secure, you may be able to refinance in a few months/years and pull out the equity to take on flips of your own down the road.