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Updated over 2 years ago, 02/25/2022

User Stats

19
Posts
16
Votes
Hannah Espejo
  • Real Estate Broker
  • Colorado Springs
16
Votes |
19
Posts

First fix and flip with no reserves hard money

Hannah Espejo
  • Real Estate Broker
  • Colorado Springs
Posted

Hello everyone I have been doing a ton of research in regards to fix and flipping my first home! As everyone knows this market is a little slim however I will be putting in the work. My situation as it stands is tough at the moment but I am not a quitter. I’m looking for a property that needs about 30,000 in rehab maybe just bathrooms, floors, and paint. I don’t have cash in reserves for the the downtime’s while rehabbing in 4 months. Is there any advice someone can give me in regards to hard money? I only have $6,000. Is there a such thing as 100% finance with no money down and that a lender can tack reserves for insurance, interest and payment into the loan amount possibly? I currently live in an apartment and want to utilize the time my lease is till November. My goals is to fix and flip two or more properties as in a single family home then have an investment rental property! I’m a newbie but I want to go to meet ups and love learning. I have an agent I’m working with right now who is going to help me search for properties to fix and flip. I own my own nail business right now but eventually want to dive full time into real estate! Can a lender use the property I want to fix and flip as the asset only? I would really appreciate all the advice I can get and maybe tag team with someone on a deal and learn and grow! I’ve never wanted this so bad.

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