All Forum Posts by: Erik Ortiz

 I think I might have just the right amount of cash to do it but it would place me in a tight spot. Although this would only be temporary and I'm confident enough that it can really pay off at the end.

What I meant was, it wouldn't be very smart to buy it cash because I'd be using up all of my savings for the purchase of the property plus the rehab. I can do it, but I would place myself in a very tight situation towards the end. I still have my full time job which can help out in the meantime. I feel confident that I can get a pretty good return at the end even if it sells for 200k because I would be all in at about 100k. I guess because this would be my first flip, I'm a bit nervous to fully jump into it without any guidance. But if there's no other way around it, I'm going to try and do it on my own. 

Hey, BP community! My name is Erik and I'm from Chicago, IL. This is my first post so I'm not sure what to fully expect. I am finally deciding to make the jump into flipping houses which is something I have always wanted to do. I've found a home for about 40k, it's not in the best neighborhood but the comps are between 235k-275k fully remodeled so there's potential. I have a realtor that I can work with and a contractor as well. What I don't have, is the financing. I don't want to buy it cash because obviously that's not very smart, at least not when I'm starting out. I was looking into hard money loans but I believe I need an LLC, which I do plan on starting within the next 2 months but have not done yet. Private investing is probably not an option since I'm new to this. I hope I can get some advice and ideas from you guys on financing for the purchase and for the rehab as well. Any kind of advice is greatly appreciated! Thank you guys.

Hey, BP community! My name is Erik and I'm from Chicago, IL. This is my first post so I'm not sure what to fully expect. I am finally deciding to make the jump into flipping houses which is something I have always wanted to do. I've found a home for about 40k, it's not in the best neighborhood but the comps are between 235k-275k fully remodeled so there's potential. I have a realtor that I can work with and a contractor as well. What I don't have, is the financing. I don't want to buy it cash because obviously that's not very smart, at least not when I'm starting out. I was looking into hard money loans but I believe I need an LLC, which I do plan on starting within the next 2 months but have not done yet. Private investing is probably not an option since I'm new to this. I hope I can get some advice and ideas from you guys on financing for the purchase and for the rehab as well. Any kind of advice is greatly appreciated! Thank you guys.