Where should I start?

Question

I currently want to start investing in real estate but I dont know where to begin. I would like to do flips. Not really interested in wholesaling to be honest. I filed for bankruptcy 6 months ago. My credit obviously isnt the best. I only have around $3000 to invest at the moment. Long story short I have bad credit with little money but I want to do flips. Please spare me the hard time with this I get it all the time. I understand it takes money but my brother in law told me about this website and talked about creative investing. We talked at christmas but werent able to really get inot it. My passion is flips. I have been in construction for many years and see the potential in it. where do I begin with my dream of doing flips? should I just save up a lot of capital and try to flip later? I dont want to keep putting it off and never begin. I just need some guidance. I am very self motivated but need a direction to head

Gary Harris · Answer

Hello Chandler,

If you're willing to find me deals I'm willing to teach you and give you a piece of the deal.

Gary

Logan Chierotti · Answer

You will need to find some hard money lenders in your area. If you filed bankruptcy 6 months ago conventional financing is going to be out of the question. That being said if you have some other assets or a cosigner or locate a really good deal you can find hard money financing. Since you've had a recent bankruptcy it's going to be difficult (but no impossible) to find the right hard money lender. Your best bet is to locate some good deals and break down all the numbers in a clean concise manner to show lenders that you have a good handle on what its going to take to make $$.

Start saving money so you will be able to make a significant down payment, lenders will be more likely to give you a loan if you have some skin in the game. If you really want to do flips save as much as you can and start looking for deals. Once you establish a relationship with a lender then your set. The hard part is going to be finding a lender, just get used to hearing NO, but don't let it stop you.

Good luck and don't give up

Raul Salmeron · Answer

Hello Chandler,

I answered this thread couple of months ago at that moment I did not want to flip a house due to big capital that involves however I would start by taking your real estate classes and go from there. Having access to such a great information such as the MLS will help you see market trends, ARV and what neighborhoods to target. I would also start saving as much as possible so the financing part will be a lot easier. I recently just got my license and I want to flip now. Having this license gives a big relief in terms of not waiting for an agent to show you a house and write your offer ( You can do all this yourself ) of course this comes at a price but what's easier in life ? I wish you the best and don't ever give up on your dream.

Raul

Chandler Diaz · Answer

any advice?