I am wanting to buy a house, flip it and sell it. This is my first time doing this adventure and it is already stressing me out! Right now I am at a cross road. I have no money to put down 10, 15 or 20% on a house. I need to know what my options are, if there are any. Is there any way for me to get a loan that pays for the mortgage and repair expenses at 100% or how do I find a private lender willign to take a chance on a beginner (I am in Ohio by the way)?
Someone please help me…I don’t know what to do! ???
Yes there are some loan options out there that will cover 100% of purchase and repairs if you are able to qualify…can you give some more details on the scenario?..
Well, I found two houses that are completely opposite of each other…one is about 20k and its really run down and would qualify for the 203k loan. It is really close to a college, however I am unsure of how nice the neighborhood is. Its one of those neighborhoods thats mixed in with the good and bad. Also, this is considered a historic house. However, I don’t know if I should start out with such a huge project my first time. The second house is about 60k, in a decent neighborhood and if i fix it up right by upgrading the kitchen, bathroom and landscaping then i could probably resell it for about 120k, somewhere in that area. Both houses are in the Columbus, Oh area. Is this the type of information you are looking for?
talk to a banker. then talk with another. get them involved in what you want to do from the start. Find out what they need, what you need, THEN go out and find a deal.