Did you know that the government offers a loan for first time rehabbers?
And did you know that you only need 3.5% down to get this loan?
It is called an FHA 203k Loan.
In my opinion, it is an ABSOLUTE NO BRAINER for a first time flipper.
The only catch is that you need to promise to live in the home for 12 months. After that, you can sell it.
This is a GREAT idea because since you will be living in the home you are rehabbing, you will not have a rent or mortgage payment!
I honestly do not know why more people do not take advantage of this.
The FHA 203k loan makes it so that just about anyone can rehab a house.