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Updated over 5 years ago,
Buying my first house for a flip with 5k cash?
I have been listening to Bigger pockets podcast and have been thinking of getting into buying my first house for a flip. I have a stable job and currently living in an apartment. I have 750+ credit score and $5k in savings.
After doing some market research I have been thinking of getting a house in range of $120k for a flip. On my current salary I can afford rent + mortgage payment. I have a friend who flips houses and is also a realtor, where he can help me in finding good deals and I can hire his contracting team to do all the work.
I don't have cash required for a flip, so I was thinking maybe I can get a credit card with 0% interest for 12-15 months. I am more than sure that I can get a new credit card with $14-20k credit limit, since I already have couple within that limit.
Is this a good idea to start like this? I know it's a risk, but gotta start somewhere right?
I would really appreciate your suggestions.
Thank you