I can finanace flips. Prefer California. I am a Mortgage Broker, Utah, Or., Wash., Idaho, Colorado are fine as well. Depending on the deal, I may be able to fund this Hard Money or-especially in California-at Bank Loan prices
I have just been reading up on it and I really want to give it a try. I have absolutely no experience in real estate(I’m 18) I am confused as to how I finance the “rehab” part without using my own money. I plan on flipping in Utah if that has any baring.
I can arrange a loan for you, up to 80% of ARV. That’s 100% of the purchase price, plus 100% of the fixup costs, plus closing costs - if and only if these all add up to no more than 80% of ARV. Both owner occupied and non-owner occupied. You must have a decent credit score and the current income to pay back the loan, this is a FULL DOC loan. Additional details apply. Available in most states, but not California at this time. Availability and other details subject to change without notice.
Don’t just jump ito Hard money. I have been fliping houses for a few years and have never used hard money. You can get yourself into a whole lot of trouble if you dont pay it back in a short time.
Your better off taking out a creditcard or 2 or having a parent or other person willing to lend some cash for rehab. But be smart about it and have a detailed plan as to what your going to be doing and how much it costs and how long it should take.
Explore these other options first and do not just jump into hard money.
Good luck - being 18 and wanting to get into this is awesome so try to do it as smart as possible.
There are lots of ways, but one of the most common is to use “hard” money. Hard money is short term, high interest rate. Example, you find a property worth 100k retail. You can get it for 50K, but it needs 15K to fix it up (these are rare, but they ARE out there). Go to your local hard money lender and borrow the 65K. You’ll probably pay points and 12-20% interest, but it’ s only for 6 months. You retail the property for 100K, and pay off the hard money guy, and pocket the difference, minus the fees to buy/sell. This type of deal will usually net you about 20-25K before taxes.
i bought a hud home about 2 years ago hoping to live in and then sell the house by now. Cant figure out really what my next step is cause of cash flow. need some help because i’d like to finish house sell and then get in another and do the same. where are you located?