Getting financing in this price range is proving to be a greater challenge than I had hoped.

I have an extreme interest in flipping houses, I know that this process is not as lavish or easy as they make it seem on Flip of Flop, but it is a challenge that I feel I'm ready to take on.

-Do I need to have a property in mind in order to even approach a private lender or bank for loans?

From my understanding, the other people's money approach is usually reserved for those who are experienced and are trusted with other's money, or people who have money and just refinance it back out of all the properties they buy.

That's always one of the biggest challenges of moving into a new market...

Seems like the gradual approach to find out if it's right for me has been a common approach, just hoping i'm able to get in enough exposure on a limited basis.Originally posted by @John Slater:Hi Bill. 

@Ray Harrell I think that's a good way to approach it.

Debt service would be at about $9,886.Based on the expenses provided it would be a great deal but having the conservative approach, being that its a small multi lets assume 40% for expenses.Income- $22,620Expenses- $9,048NOI= $13572Debt Service- $9886CashFlow= $3686/ year, $307.17/ month, $102.39/ unitAny feedback will be helpful.Best Regards,Rico

Debt service would be at about $9,886.Based on the expenses provided it would be a great deal but having the conservative approach, being that its a small multi lets assume 40% for expenses.Income- $22,620Expenses- $9,048NOI= $13572Debt Service- $9886CashFlow= $3686/ year, $307.17/ month, $102.39/ unitAny feedback will be helpful!

We need more space.I'm here asking you guys because none of our family members are financially savvy to our knowledge.Our next move, is this buy our primary home and we trying to figure our the best way to approach this.