So I am thinking of getting into the flipping business. I would like to know, has anyone ever been able to start a business and get a business loan to purchase the first house and rehab/pay expenses? I really have no real investment capitol, one of the main reasons I would like to get into this business. Any help or advice would be greatly appreciated! Thanks everybody!
Your startup capital is in the properties you’ll buy at a discount based on the immediate repairs needed. You can borrow based on the eventual or after repair value.
purchase price $100,000
rehab costs 25,000
costs 5,000?
total loan $130,000
completed value $200,000
potential profit $70,000!!!
Where are you located?
I am located in upstate NY, near Albany. Are you in the lending business? I would be interested to learn more of what is available if you are willing to discuss it. I can provide an email addr. if you would like. Thanks for your reply!
Greg