Advice on house flipping

[Christopher Bavaro]

Hey everyone, I've been looking into flipping house for about a year now but very seriously for only 3 months. I'm currently a Personal Trainer and about to be a fire alarm technician. I have 3-4 years of electrical and construction experience but I am having a hard time with the money aspect behind flipping. I have little money saved up as much as I could so I am hoping that this new fire technician job will help in the future savings and loan approval. I'm just looking for some advice and words of wisdom on finding investors and honestly anything about the flipping business and how you've met and created an inner circle that's helped pushed you to success while still helping others.

[Will Barnard]

The funding is the easy part, the deal is the difficult one. You can use one or any combination of multiple options to fund your deals. Private money, hard money, partnerships, owner financing, subject2, etc. 

My first flips were funded 100% with private money. A vast major Ruth of my flips after that were funded with a combo of private money and my own cash. I have also used seller financing, subject to financing, and a hard money loan 1 time (I'm not a fan of it but if you have no other options, it is certainly a way to go but if you gave no funds, then you need to combo that with some other form of OPM (other people's money) as hard money lenders will not fund 100% of your acquisition plus rehab. There are some gap Funder's who combo a hard money loan in first position and gap funds in second position butbthey take a large chunck of equity and fees. This really cuts into your margins.