Rehabbing & House Flipping
Market News & Data
General Info
Real Estate Strategies
Short-Term & Vacation Rental Discussions
presented by
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Tax, SDIRAs & Cost Segregation
presented by
1031 Exchanges
presented by
Real Estate Classifieds
Reviews & Feedback
Updated over 17 years ago,
Looking for financing - perfect credit but not much cash
I'm curious as to which sources should I be looking at for obtaining financing on my first flip. Fortunately, I have excellent credit (765 fico), but my meager $60,000 salary doesn't leave much left over after paying for the mortgage, car, insurance, student loans, retirement, etc.
I won't have more than a few thousand dollars to part with which I'm sure will go towards closing costs. Keep in mind that I do have an emergency reserve fund of ~$10,000 cash that I'd rather not touch, but it's there in case something takes a turn for the worse.
In a perfect world, I'd like to get a loan for the price of the house AND the cost of repairs. Am I crazy to think that a loan like this exists?
Thanks so much for your advice!