New to House Flipping. First Investment

[Mark Pags]

Hello Everyone,

I am looking to possibly doing my first real estate transaction which I would like to do as a flip.  The house next door to me will be going on the market soon and is certainly a good candidate for a flip.  In a great neighborhood/town, the house is in good shape over all and needs some cosmetic work done and some updating throughout i.e. new bathrooms and kitchen, new flooring, but otherwise easy cosmetics.  I work at a paint store so I know a lot of contractors, and am handy myself and can do a lot of the work as well.  Some of the contractors I know make their bones by house flipping themselves as their primary work.  I am recently graduated from college with a degree in finance, but I dont have a ton saved up for a down payment, so i am looking for creative ways to finance the deal.  I believe the house might be listed around $420,000.  The market in my area (Somerset County)   I know the owners well enough over the years so its possible I could work out a deal with them being the already established connection i.e. seller financing but not relying on this to be my sole option.  Nearby houses in the general development have gone for about $410-$460,000 depending on location, yard, upgrades and/or moderness.  My biggest hurdle would be financing to buy the house, and then going about doing the upgrades.  any suggestions, ideas or guides would be greatly appreciated!