Raising Funds for Flipping

[Mike Rueffer]

Hi Everyone! So long story short there is a property that I found that is available and being sold "As-IS". The explination I got was the owner is older and doesn't want to do any repairs, so any work would fall on the buyer. Right now it is listed for $165K. My guess is I could get it down a little more to around $140-$150k. It would probably need $60k in renovations and that's just a guess right now but the AVR of the property (going off comps that are listed and sold in recent months) is roughly around $250-$280k.

So my question is where does one start with trying to raise funds. Do you go to a HML, Private, etc.?

I have a good paying job for straight out of college $55K.

I have no debt to account for anymore.

My only expense right now is Gas as I live with my parents to save money.

My credit score is 760+

Where should I look at and if anyone has any recommendations for the Chicagoland area lending wise that would be great.

Thanks everyone!

[Jason D.]

Even if you find a lender, you're going to also need cash. It'll be nearly impossible to find someone willing to loan a first time flipper 100% purchase and rehab. Your average HML will require you to put in roughly $30k between down payment, closing, and up front rehab costs. So I would suggest your first move is to find a partner/friend/family member that can loan you the money or go in as a partner with you.