Eager to start first flip!

[Edgar Aguillon]

After reading and researching I finally got my brother as a partner for our first flip. We have a little over $10k saved up to start but my question is if we get a conventional loan or a FHA how does the whole process work? Would we get a mortgage for 15yrs flip the house and if we can sell in 6mths the most pay off loan? Would there be a penalty for paying off early with a conventional loan? I understand that when flipping a house the longer you hold it the less you profit...what's all included with holding costs? Sorry for asking all this but trying to gain as much info before diving in to a flip.

[Mary B.]

Conventional mortgages require at least 20% down and they usually won't fund deals under $30K or $35K. Check out these blogs:

http://www.biggerpockets.com/renewsblog/2013/04/30/seller-finance-strategy/

http://www.biggerpockets.com/renewsblog/2012/10/7/real-estate-financing-guide/

Kudos,

Mary