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Updated over 4 years ago on . Most recent reply

David Karnes's profile image
David Karnes's profile image
David Karnes
  • from Chattanooga, TN
  • Member since Jun 29, 2020
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14
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9
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David Karnes's profile image
David Karnes's profile image
David Karnes
  • from Chattanooga, TN
  • Member since Jun 29, 2020
Connect
David Karnes
  • Chattanooga, TN
9
Votes |
14
Posts
Buying & Selling Real Estate

First Flip Financing in Chattanooga

David Karnes
  • Chattanooga, TN
Posted

I am lining up financing for my first flip. My thinking is I will get a HELOC (bank has said I could get $43k) for 20% DP on a $80k-$90k property and rehab, and get preapproved for the rest (they confirmed that wouldn't be an issue either). Is there an issue with this or is this a typical route for a first flip? Any other suggestions would be helpful on the absolute BEST way to finance your first flip (if you're not paying cash).

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