Newcomer to Chicago - Looking for the right loans for flipping?

[William Michael]

Hello Everyone!

My business partner and myself have recently begun the endeavor of looking for financing on a house that we are may be interested in flipping. However, after talking to a few of the brokers we have connections with, we have gotten responses all over the board as to what is possible and what is not in terms of securing financing. I'm hoping this isn't coming off as a "loan request" because I'm not looking for anyone to offer that to me/us but I'm just looking as to how it can be done. 

The biggest question mark that faces us right now is that we are intending on using the capital we have raised for the down payment for the house and trying to get some kind of rehab loan that will not only cover the house but also the expenses required to fix up the place. Some of the brokers we have talked to said that in order to do this, it would require that we sit on the house for 6 months before we could put it back up on the market which is a bit concerning.

To cut to the chase, my simplified question is...

Is there a loan that a new flipping investor can procure that has the ability to: 

1) Cover both the cost of the house and the cost of the rehab.

2) Doesn't hold the us, the buyer, to keep the house for 6 months.

Or is this a completely crazy wish to have? If you know of any other ways that we can secure financing for a home we have also been looking into grabbing other investors to help finance the rehab. 

Thanks!

[Joshua Daoust]

I am actually in the same position as William. I am a Licensed Realtor but I am also interested in flipping. I'm also curious about the loan options. But not really having enough to use out of pocket I am wondering what kind of funding there is to cover the purchase of the house and the fix. Also wondering if that would be one loan or two different loans. As for the time limit, I'm sure it depends on what repairs need to be made as well as how good your contractors are. But I would want a property that I can sell in less than 30 days once the fix is done. Absolutely 3 months at the max.