The First Flip
i am relatively new here. i have my first flip opportunity but want to make sure that i can do it without going to the bank to soon. I 'm thinking about getting a land contract with the seller at about 20k and then getting a line from the bank to do repairs and flip. this is how it goes right?
did you check your credit get scores.
no not yet i was thinking that anybody would give me credit on a property that i had almost 50 k equity on
investors do not deal with traditional banks, they deal with HardMoney lenders. If that is what you meant, then forgive my misunderstanding.
rbarnes,
Well, not exactly. You just became a rehabber if you do that. A flip is where you get it for 20k, find a rehabber and "assign" it to them for $25k, etc
Flips are no work, no money deals.
Hope that helps
SolutionsKid,
What do you mean flips are no work, no money deals?
Thanks!
You find the deal, contract it , and then assign the contract to the rehabber for a profit. These are great deals to build some capital quickly....
Prosperous investing,
td