Best loan for rehab and flip

[Christie Walker-thompson]

I am starting the journey of flipping my first property and would like to know the best way to secure financing to purchase and rehab a property? We have enough equity in our current home to use but is that the best way? Thanks!

[Mauricio Florian]

Hey Christine, I hope you are well. It is all about your situation, if you have enough cash reserves to cover down payment which usually are 20-25% down, approximately 1% of total loan amount to cover closing costs and points. I wouldn't recommend using your primary residences equity but if you don't getting a home equity loan would be the ideal option to help you get started with getting the funds to purchase your first fix and flip. If you have any additional questions or are interested in discussing your options please send me a direct message.