Financing my first flip- Opinions?

[Troy Kelly]

Greeting all! I have been a member of the site for a few months now and really enjoying all the info. Thank you to every member who has contributed!

So, Im looking to finally do my first flip and somewhat confused and/or stuck as to how to proceed. I dont personally have much capital but I am pretty certain I can get a loan (family) for anywhere between 10-15k. I was going to use that as the down payment for the flip and try financing the rest through conventional means. My question is this, If I have the funds to pay the down payment, will banks still finance me for the remaining 80% of the loan? Its my understanding that banks will not finance unless the property is inhabitable?

The second part of that question is funding the repairs. Again, my goal is to purchase a property that needs rehabing, but if I spend the 10-15k i have on the down payment, were would I get the funds to pay for the actual rehab? My credit is decent, I've owned my home for about 1.5yrs now, but dont have very much equity, so thats not really an option. Any suggestions or recommendations?

Because of the market im in DC/Metro area, its quite expensive difficult to find properties under the 100k mark which sorta complicates things...

[Glenn Espinosa]

Troy Kelly - I hate to break it to you but you need more money. $10k - $15k all in as your contribution is not enought to break into the DC metro area.

I'd start looking into networking with current DC flippers and trying to partner with them.

Spend your time learning how to find real deals. Once you find a real deal, money should follow.