How do you find financing?

[Account Closed]

Hi,

I'm Stephanie and my husband and I are both 24 years old and already have three properties. We have a condo that we rent out, a piece of land that we plan to build on someday, and our house that we bought this summer and are flipping it to sell next year. We want to get into house flipping as my primary job while my husband still works full-time. I have been doing a lot of research and looked into the different financing options to purchase foreclosures, but we don't have enough cash on hand to just go to the auction and buy it out-right. I went to the bank to ask about lines of credit and how they work. I didn't get much and basically, they said we don't have enough equity in any of our properties to get a home equity line of credit. I am struggling with knowing what other options are available. We don't really know anyone who has cash to invest and aren't sure where to go from here. Any advice? Thanks!

[Roy Schauer]

There are several methods to handle property without using banks. The biggest drawback in Anchorage is that everything is so expensive. And of its an investment you need 20-25% down. If you buy at the courthouse steps, it has to be cash in hand. And since you can't even hardly touch a 2 bedroom condo for less than $80k, its hard to step into that arena. Look up owner financing, lease options, subjects to's, and joint ventures. Those are the typical ways to handle property with less money down and creative terms.