All Forum Posts by: David Karnes

I am lining up financing for my first flip. My thinking is I will get a HELOC (bank has said I could get $43k) for 20% DP on a $80k-$90k property and rehab, and get preapproved for the rest (they confirmed that wouldn't be an issue either). Is there an issue with this or is this a typical route for a first flip? Any other suggestions would be helpful on the absolute BEST way to finance your first flip (if you're not paying cash).

I am lining up financing for my first flip. My thinking is I will get a HELOC (bank has said I could get $43k) for 20% DP on a $80k-$90k property and rehab, and get preapproved for the rest (they confirmed that wouldn't be an issue either). Is there an issue with this or is this a typical route for a first flip? Any other suggestions would be helpful on the absolute BEST way to finance your first flip (if you're not paying cash).

I am working up to my first fix and flip and practicing using the calculator which asks for closing costs for buyer and seller.  How is it usually structured?  Would I typically pay closing costs when I buy the property, and then again when I sell?  What is the average % of both?  I am in the Chattanooga market.  Thank you for any guidance!!

@Patrick Froehlich 52 and just now in the learning stages with the goal of taking our home equity and making our first purchase within 6 months. LOTS to learn, but it really is fascinating.