House Flipping Where’s the Money Coming From?

Your first priority - before you even start looking at properties - is to establish your borrowing capacity. In other words, how much can you borrow and what price range should you be looking at. Your borrowing capacity will determine your credit history, the area and property type.

First, Put Your Financial Affairs In Order
Obtaining pre-approval of finance from a lender puts you in a strong bargaining position when the right opportunity or flip comes along. Always remember that there are 3 critical factors that banks look for when you apply for a loan:

Credit history
Capacity to meet repayments
Collateral

It is therefore important to put your financial house in order before applying for a loan. The key to success is to ensure that you have a perfect credit record. You will also need to set aside enough cash for the following items:

Down payment.
Closing costs.
Rehab costs.
Interest costs.
Loan costs.
Selling costs.
Taxes.

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