Best options for beginers

[Adam Loud]

Hello BP,

I am currently in the process of my first direct mail campaign. My initial plans are to wholesale to raise capital so i can get to my future goals of fix and flipping. However, im curious what the best options are for someone like me to get a loan for a fix and flip and surpass the Wholesailing part. I recently got pre approved for a purchace price of 140k. (Which is not much in my area). Finding something that would pass for a conventional loan in the boston area is nearly impossible. My question is when my mail starts to generate a few leads i want to be able to invest in them myself but i will wholesail if it makes sense. I dont have much for a down payment and family and friends are nkt an option for me. Any advice for someone like me? Thankyou in advance for anyone who replies.

Best,

[Andrew Postell]

@Adam Loud if you are needing a loan to purchase a flip most investors use hard money rather than conventional lending. Hard money allows you to close quickly and you can close in an LLC name. Conventional loans require 30 days to close. So if you find a home with a "motivated seller" you want to close right now! Not 30 days later. I will assume that your $140k prequalification is based on the fact that you only have enough down payment money to cover that $140k price. A hard money loan will also leverage your money better too. In theory you should be able to get approved with very little money out of your pocket with hard money. But they won't allow you to borrower 100% of the houses value...because when you sell it you won't make any money! So, if they say "no" it's for a good reason. Let me know if you have more questions on this topic and if you think it is helpful please give it a vote. Thanks!