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Updated almost 11 years ago,

User Stats

15
Posts
3
Votes
Allan Tamez
  • Professional
  • Denver, CO
3
Votes |
15
Posts

what would be the best loan to get on a flip?

Allan Tamez
  • Professional
  • Denver, CO
Posted

I'm doing research on flipping a property. I have the lines of credit to pay for the GC and supplies. My partner and I will probably need to get a loan for about 60 - 70k to buy the home. My question is, what type of loan and from what type of lenders should we look for?

I understand that FHA is out of the question because of their flipping guidelines. From what I've heard conventional would be a good option but we'd like to avoid putting 20% unless necessary.

I was thinking of bringing in a partner that has a paid off home - in order for them to acquire a home equity line of credit.

Your wisdom and advise is greatly appreciated.

-Cheers

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