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Updated 10 months ago on . Most recent reply
New Investor Looking for Advice
Hi everyone! I am about to turn 21 years old and reside in Maryland. I am looking for a good investment property. I currently have 40k to invest, and am looking for someone to help guide me through the process. I guess my question is, how do I get a loan for a flip when I don't have 2 years of pay stubs.
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#3 Private Lending & Conventional Mortgage Advice Contributor
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#3 Private Lending & Conventional Mortgage Advice Contributor
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Quote from @Alison Cromwell:
Hi everyone! I am about to turn 21 years old and reside in Maryland. I am looking for a good investment property. I currently have 40k to invest, and am looking for someone to help guide me through the process. I guess my question is, how do I get a loan for a flip when I don't have 2 years of pay stubs.
What you are looking for is a "Hard Money" loan - generally will be primarily based on your the property, your experience and credit. Even without experience, it should be possible to get a HML as a first time investor - just going to make sure to be pretty conservative