Posted by Patrick S. Lawson on September 21, 2005 at 08:37:11:
Short of getting hard money your only option would be a stated program. What do you mean by “my credit isn’t steller.” FICO 600? >650? What is your dti?
Financing options - Posted by Cady
Posted by Cady on September 20, 2005 at 15:11:44:
I am looking just starting into flip homes. My problem is that my credit isn’t steller and my debt ratio is high. We own our own business (1 year old) and so all of our $$ is tied up in that. Is there anyway to do a flip home with 0 down with a low credit rating and high debt ratio? Just wondering.
Thanks for any opinions
Re: Financing options - Posted by John B. Corey Jr.
Posted by John B. Corey Jr. on September 21, 2005 at 23:23:41:
The simple answer: Yes.
You can flip by obtaining an option and then selling the option.
You can flip by buying subject-to the existing financing and then holding or selling.
You can flip by getting a partner to put up the cash and/or credit.
You can flip by using hard money.
Flipping can be a lot of work. If you are good at marketing and searching then you have options for how you put the deal together.
John Corey
Chelsea Private Equity LLC