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Updated over 4 years ago,
Lenders For First Time Flippers
I have commercial construction project management experience and I have owned a few restaurants and other successful businesses (unsuccessful ones too). I know how to manage trades, conduct plan check, schedule inspections, and manage the budget/payroll, accounts payable at a high level. My last credit score was 722 and I used to be a commercial real estate broker until I let my license expire. But, I have ZERO flips. I am currently closing escrow on a small home that I got a mortgage from and I intend to live in it, improve the value, pay as much of it as I can as fast as I can (it's only a 77k loan) and improve the value so I can sell it for a profit. But my family and I will live in it as a home for at least a year if not more. In that sense it's a sorta flip, but not really.
What is the most important thing I need to bring to a lender to get money for a true flip? I'd like to focus on rehab and sell as well as rehab, rent, refinance. I get that more flips improve your odds, but what should a first timer make sure to have to get funded? Any advise or nuggets of wisdom will be taken to heart. Thanks.
PS. Any lenders who are especially open to first timers would also be appreciated!