Baltimore, MD NEW in need of investment guidance

[Michael Flaig]

I have a lot of experience in home remodeling / rehabilitation. I am a Project Manager for a successful investor for numerous flips. I also have approximately 40k in savings and I am interested in starting to flip on my own for obvious reasons. Being new to investing, do I need more capital to start? Would I be able to get a loan to finance the real estate and what type? Thanks

[Vinny Maida]

Hi Mike, You have all the makings of a great start. I don't think you will have any problem with your experience and the $40K in locking onto a Hard Money Lender (HML) if you locate a good deal. I would recommend you put your experience to work and develop a basic plan of where you'll work, what your flip criteria is, develop your presentation to the lenders, and develop a simple marketing plan. I'd also hit the REIAs for Wholesalers. I have purchased a number of properties from wholesalers. If the deal is there the HMLs will see it. There is a podcast (show 9 with Ann Bellamy) on HML that is really good and explains (from the HML's point of view) what they like to see in a package. Over time you'll develop relationships with private lenders and you're off....... Good luck!

p.s. If you have a good relationship with the investor you're working for, I'd leverage that relationship and see if they would be a "go to" for questions.