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Updated over 4 years ago on . Most recent reply

Account Closed
  • Stone Mountain, GA
1
Votes |
5
Posts

HML 100% financing for first fix & flip deal?

Account Closed
  • Stone Mountain, GA
Posted

Hey! So I’m a bit confused as I watch videos and read books on flipping. I’ve also just purchased BP bundle on flipping. 

I want to do my first fix & flip this year and I need clarification on where exactly to start. I don't have 20% of a property to put down for skin in the game right now (I'm also looking for a partner who has the funds and/or experience) but I've learned that some HML are willing to finance 100% if the deal is just that good. So do I find the deal first and get it under contract then bring it to HMLs? I understand HMLs are more focused on the deal so how would I go about finding one if I don't have a deal because the first step is finding a HML? I hope I've made this clear. Thank you in advance

Most Popular Reply

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127
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58
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Thomas Enright
  • Investor
  • Silver Spring, MD
58
Votes |
127
Posts
Thomas Enright
  • Investor
  • Silver Spring, MD
Replied

My personal opinion, you need to get some cash. It's awesome that you're so motivated but make sure you finish sharpening your ax before you start chopping. While you're sharpening your mental ax by continuing to read books and listen to podcasts, get a side hustle or cut your expenses and bank cash as fast as you can. If you slow down and wait till you do have that 20%, you'll probably be surprised by what you continue to learn and will be happy you didn't jump too early.

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