Funding Flipping for the First Time

[Joshua Nichols]

Hello! I'm new to the real estate game. I'm very interested in flipping properties. I have found a good market and have built a good team thus far and I'm ready for my first flip. My question is about the funding for the project. I have enough liquid money for the down payment for the hard money lender, but that'll leave me with zero cash for closing costs, realtor fees, etc. I can pay utilities, insurance, and other holding fees but I won't have enough to pay other cost like listed above. The question I have is, if I get a hard money loan, can I get enough to cover the closing costs and realtor fees and other associated fees? 

[Kyle Deutschmann]

Quote from @Joshua Nichols:

Hello! I'm new to the real estate game. I'm very interested in flipping properties. I have found a good market and have built a good team thus far and I'm ready for my first flip. My question is about the funding for the project. I have enough liquid money for the down payment for the hard money lender, but that'll leave me with zero cash for closing costs, realtor fees, etc. I can pay utilities, insurance, and other holding fees but I won't have enough to pay other cost like listed above. The question I have is, if I get a hard money loan, can I get enough to cover the closing costs and realtor fees and other associated fees? 

 I would suggest partnering with another investor with some deals on their track record and/or some money to contribute to the deal. For experienced investors who have done 5+ similar rehab projects, I can lend up to 100% of the purchase price and 100% of the rehab on light 1-4 unit rehabs. If you get 100% of the purchase price covered then you should have sufficient funds for the closing costs based on what you're saying.