How Much Money Do You Need to Flip Houses & Where to Get Money - Beginner's Guide to House Flipping

[@TransformRealEstate]

Watch next: Flip Houses With No Money: www.youtube.com/watch?v=IiVzt... Flipping Houses for Beginners Playlist: kzbin.info?list...

[@seanlovesrealestate]

Great video Elisa! As of August of 2020, expect to put down 15-25% of the purchase price as a down payment if you plan on purchasing it with hard money. You also need to have 6 months' worth of interest reserves in liquid assets (stocks, bonds, cash, etc..) as well as a way to finance the construction costs (either financed with a construction loan or as cash). In the Bay Area, this can come out to be around $250 K to $350 K depending on the purchase price and scope of work.

[@TransformRealEstate]

Thanks Sean! Yeah, as I mentioned in the video, hard money lenders' funding guidelines have tightened since the pandemic. You make a good point that reserve is also needed. To beginners, it may sound daunting to have to put up a few hundred thousands into a flip, that's why I mentioned some alternatives to get funding and to wholesale the contract so you don't have to have that much of your own funds available.

[@seanlovesrealestate]

@@TransformRealEstate Or find the right partnership where one party brings the funds and the other party brings the deal. The best deal I've done to date is the one we did together! :)

[@TransformRealEstate]

Yeah, partnerships are great if you know and trust the other person. A wonderful deal brought us together :)

[@staceycohen7395]

I freakn love your videos!!! You are so inspirational and I learn so much from you. I have a question that you may have answered before. When you walk into a space how do you estimate the budget you'll need to flip it? I'm taking about when you don't have too much experience (like me).

[@HardwoodFloorRefinishing]

Where do you find houses to flip? Are tax sales auctions a good place to buy homes?

[@lhrealestate5451]

I am going through my first flip right now in Orange County. Nervous but excited!

[@TransformRealEstate]

That's awesome! Good luck to you and keep me posted :)

[@cyna1103]

How did it go?

[@lhrealestate5451]

@@cyna1103 Still working on it!

[@JoseMartinez-og2pb]

Love your content. Thanks for taking the time to literally walk through all the steps explaining how each can get done.

[@cdsfx]

Super video! You deserve more subscribers and views no doubt. Keep grinding it will come :)

[@walenayoussef9266]

Hi, I am looking into purchasing my first flip house in the tri-state area’s but I’m completely lost and don’t know where to start. I’m hoping to find a mentor like yourself that could help mentor me through the process since I don’t really know anyone who flip houses. P.s your videos are great and very informative!

[@TransformRealEstate]

Thanks for your interest. I actually just launched my coaching program, Transform Flipper Academy, to teach you to flip houses the right way. If you're still interested, apply here: transformflipperacademy.com

[@RichGard1]

Hello, great video. I'm in the Bay Area also, Antioch, CA to be exact. Could you possible refer 3 hard lenders I can contact for possible approval? thx

[@sergiorangel80]

Hi good morning my name is Sergio Rangel and I’m going to start to flip houses and I’m learning a lot from your videos thank you but I have a question for you I hope you have the time to answer when you finish your projects I see you show the house with furniture how you do that? Again thank you for everything and have a wonderful day

[@TransformRealEstate]

Hi! Nice to meet you Sergio! The furniture is from a staging service, so I pay for the rental of the furniture and accessories, and they are removed when the house is sold.

[@weeum3216]

@@TransformRealEstate Hi! How about all the junk and stuff inside the home? Do you hire a junk removal service?

[@cvdpoll23]

Very useful information. Thank you

[@TransformRealEstate]

Thanks Karena! So glad to hear that!

[@sergiorangel80]

Thank you

[@jagline7519]

So who puts up the ernest money if you're trying to flip with none of your own money down? Really trying to find a video with detail explanation from start to close.

[@TransformRealEstate]

Like I mentioned in the video, you have many options, could be from a credit card, a HELOC or a retirement account, or friends & family, or a private money lender or an equity partner. To learn more about how to flip houses without using your own money, watch this: kzbin.info/www/bejne/f5q5q6d9d9SGqZI

[@Raj1973USA]

Do u conduct classes to teach virtually .....or can I contact u thanks

[@TransformRealEstate]

Hi! I don't have any classes, but my KZbin videos are made to educate people on real estate investing. You can comment on my videos to ask any questions you may have. ☺