Is there a way to flip houses with no start up money and no credit? if so, how?

Question

Is there a way to flip houses with no start up money and no credit? if so, how?

Answer 1

YES!

Get with a mortgage professional who can help you qualify for an FHA purchase. You don't put any $ down (with down payment assistance which is going away as of Oct. 1) AND you must qualify with paystubs/W-2s. You can keep your old house (rent it as part of qualifying), but FHA only requires you to occupy a house WITHIN 60days of purchase.

This is your time to fix up and flip the house (or move into it).

If you own a house now or you currently have an FHA mort., you must buy a home that is BIGGER, NICER AREA, and will have a lower payment. But this is what you want... you want a house with UP SIDE potential.

Get with a mortgage professional who knows the FHA guidelines. Bring your paystubs/W-2s, bank statements.

Best of luck!

Answer 2

Nope, you need to either have good credit or some start-up money.  You don't need both but you need one or the other to be able to purchase the house to flip.

Answer 3

No.  If you have no credit and no money then you have no business trying to flip a house.  House flipping requires taking on a TON OF RISK.  The way to mitigate risk is to have cash (or credit).  

Flipping doesn't work nearly as well in a declining market as it does in a market that's going up.  

I have a few questions for you...

Do you have a business plan?  Written down?  

How do you expect to buy a property and pay for improvements?  With your good looks?  C'mon....

good luck!

Answer 4

I tried to do this and wish i hadn't.  I had to borrow my mom's bank account down to zero just to get myself out of the hole i had dug.  .

Answer 5

You would have to find an investor to back you, but if you have no experience doing this, no investor will support you.  

Alot of RE investors are backing off investing until the market improves.  Soft prices and many days on market are cutting into profits, making flipping a more speculative option than it has been in recent history.