My first flip (finances)

[Everett Schulte]

Hi, thanks for reading,

So I started wholesaling about a year and a half ago and done a few deals, and I’ve decided to move to the art of flipping. I am so excited because this is the reason why I started wholesaling in the first place.

So, as a first step, I’m getting all my finances in order, and beginning to shop for lenders. My questions are:

What to look for in a lender? What is the most common way of acquiring a loan for say $75,000-$100,000 for the purchase of a house. (We are looking to rehab then sell quickly)

I will also be needing to borrow for rehabbing up to $50,000, and so what are the common options regarding this?

What to look for in a lender in light of what our budget is? I read that a business line of credit is good, but can be hard to get if you’re a new business (which we’re completely new and do not have an llc.

Anything I should watch out for or tread carefully with? Please let me know.