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Updated almost 8 years ago,

User Stats

185
Posts
156
Votes
Brian Wilson
Pro Member
  • Investor
  • Longmont, CO
156
Votes |
185
Posts

Lending insight for flipping

Brian Wilson
Pro Member
  • Investor
  • Longmont, CO
Posted

Good Morning BP!

I've recently decided to make that jump after several months of deliberation, self education, networking, etc. I will be leaving my current job (government analyst) to start a flipping business in the local Kansas City market. I'm sure this has been touched upon before, but after searching I just couldn't find the dynamics I was looking for.

What I'm working with:

  1. 15k in capital to work with (Hoping to utilize only 5-10k as a down payment)
  2. A mentor with 30 years experience in REI in the local market (family friend)
  3. An investment partner (for certain flips, primarily those that will be for investing in rentals)
  4. A real-estate agent (investment partner listed above)
  5. A part time job that will cover my basic operating costs such as gas, food, etc. But not much else
  6. A place to live rent free
  7. I will be doing 95% of all rehab labor myself

I know short of sitting down with a bank or applying with an HML I wont get the exact answer to my situation. However I would like to know, is it possible for me to get a loan on a property without the standard work history or experience flipping to support my application? I'm hoping to finance the purchase of the property and the cost of rehabbing it. 


Keep in mind by the time I make this jump (late August 2017) I will be only 22 years old, and my credit is only currently sitting at about the 680 range (as I just started building it a little over a year ago). Considering banks usually want proof of income, down payment, good credit, experience with flipping, etc. Would I still be able to get a loan? 

Before anyone says "don't quit your job..", it is impossible for me to start flipping in KC while keeping my current job. The industry I work in is exclusively in bigger cities (primarily DC, where I currently live) and I don't want to be here a minute more than I have to. 

*I'm aware I could ask my mentor, but considering how helpful he has been with everything else and how much I've asked him already, I wanted to turn to my second group of mentors for insight! 

Thank you for your time,

Brian M. Wilson

  • Brian Wilson
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