Low cost lenders for House Flipping

[Nina Haman]

Hi everyone @ BP, 

I don't want to bore you with a long story, just want to introduce myself as a Investor In The Making. My sister & I are anxious to get started (time is flying too fast and not getting any younger). Here's the thing, $2,000 is saved, credit is not so great (damage was done 6-10 yrs ago & still showing on report), we both have families and full time jobs (sigh). Listened to numerous BP Podcasts (so glad to have found yas, thank you!) and audiobooks. Always been fixer uppers ourselves, but would hire contractors for the work also. I'm feeling a little discouraged, since saving is difficult with our situations. How or where can we find a lender with very low cost startup in Maryland or Delaware to go for our first flip? I've tried several & they want at least 10% down on a $70k 4 bedroom/2.5 bath home that could sell for $175-250 after repairs. I know we are a little late in the game, but we need Financial Freedom (Don't wanna work till I'm 80) and be able to help others in any way we can. Sorry, ended up being longer that I thought. Thanks for all who help.  

[Jay Hinrichs]

@Nina Haman  stop wasting time trying to find a lender that is never going ot lend to you in your current circumstances. spend your time finding a money partner that will appreciate and finance the deals you bring to them.. ( as long as they are profitable.) give them the lions share build up your experience bucket make some money and in a few years you can get your own loans and do your own deals.

It simply is not possible in today's envirnonment of HML ( unless HML is dumb as a rock) to find HML with no money down bad credit... just won't happen.. so change your tac and go after money partner first