real estate,flipping houses,income property?

if your credit is good you can buy anything also depends on your debit to income ratio

what type of flipping are you trying to do??
i would look into a line of credit to buy all cash
and use to fix.
if you are looking very short term you could find a hard money lender or a partner with money to split profits.
if you are looking to wholesale then you don’t need money.
this won’t warrant as much cash but will still be good to build capital.

joe

You could prob. refinance your existing home, since you didn’t put any money down the rate is high, why not do a rate-to-term, get some cash out and use that to buy the investment home, since most lenders will req. u 2 put down 10% on the investment purchase. E-mail me if u wish, coz I was trying 2 get a hold of a friend who knows alot about this and I left him a msg., my email is., when he calls I’ll forward u the info..thanks!

You can always purchase another home. If you are not planning to live in it you would apply for a non-owner occupied loan. The rates are typically higher for this type of purchase. Additionally the amount a lender would provide is also typically less due to the increased risk. You mention doing improvements and flipping it. There are some risks involved with this type of venture. First a new lender may not wish to finance a property they know will be sold shortly after granting you financing as it is not cost effective for them. Also after you renovate the home the new purchasers may have trouble obtaining financing since you purchased it less than 12 months ago. If you do re-sell the investment property in less than 12 months the new purchasers lender may require evidence of improvements to the home to justify the increase in value from the time you bought it to the time you re-sell it. I recommend you keep all receipts and cancelled checks you obtain during renovation to adequately substantiate the value increase. House flipping is not easy task. You can lose your shirt if you are not careful.

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