NEED SOME ADVICE FOR FIRST FLIP

[Riley Hinshaw]

Hey BP, ive been wholesaling properties for the last 4 months and im trying to save up money so i can do my first flip. I was curious, could i do my first flip with $50,000 saved up, and how would i put the money to use. I know a couple ways but want to hear your guys personal opinions and advice. say i want to purchase a $250k home needing 25k in repairs. It is possible correct? would i be putting all that money down up front? or would i just get a hard money lender to spot me the other $225k ? thanks

[J Scott]

It's unlikely hard money is going to provide 90%+ LTV, so you shouldn't count on hard money.

You'll either need to:

- Find a lower priced deal where you can put in 25% upfront (plus have the rehab costs)

- Find a partner who can provide more cash

- Find a different type of financing (private money seems like your best bet)