All Forum Posts by: David Sanford

I feel like many people find the financing to start through friends and family. I don't have this option. Finding it pretty hard to find the financing through a bank due to the houses I am interested in not meeting min FHA standards. What other types of loans have you guys used?

Hey Galya Iliev ! Welcome to BP. I also am a small investor in the Richmond area of VA. Currently own 2 rental properties and in the process of looking to try my hand at flipping. Best of luck to you and feel free to PM me any questions!

I would agree with Chadwick. Also I would add that in building a house, it will cost you pretty much to what the house will be worth. So there is no chance of making your money at the purchase. At least if you stick it out, you have a much better chance at making some money (equity) at the purchase by buying a house at a lower price than it is valued. Best of luck to you!

Looking to flip houses in the Richmond area of Virginia. I currently have 2 rentals so I am familiar with how the rentals work in my market. But I would like to get into flipping. Any advice on financing would be great! I'd love to hear from anyone who has personal experience with working with a private lender and how the process went? Also how you went about finding them and presenting your offer? I know most lenders are skeptical to investing in new investors. So trying to see how people got around this? Thanks!

Thanks for the advice! The toughest part I am finding so far is to find a lender that is willing to do a loan for a flip. Most want me to hold the property for a year before selling. That is not the direction I want to go. Have you worked with any familiar banks that are okay with financing a flip loan? I think I'll check with a small local bank and see what they may be able to offer.

Looking to flip houses in the Richmond area of Virginia. I currently have 2 rentals so I am familiar with how the rentals work in my market. But I would like to get into flipping. Any advice on financing would be great! I'd love to hear from anyone who has personal experience with working with a private lender and how the process went? Also how you went about finding them and presenting your offer? Thanks!

New member here. Looking to flip houses in the Richmond and Chesterfield area of Virginia around 23237 23831 zip codes. Curious if anyone here has experience in this area? I currently have 2 rentals so I am somewhat familiar with how the rentals work in my market. But I would like to get into flipping. Any advice on financing/profit formulas would be nice!