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To
successfully invest in a 'fix and flip' property,
you do not need perfect credit, but you must have some cash. Your costs
will consist of down payment money and fix up money.
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The average turnaround
on a 'fix and flip' property is 90 days from close to cash. (30 days to
fix it up, 30 days to sell it on the market, 30 days to close) This process
can be done quicker of course, under the right circumstances. This process
can also take longer if you don't get the property in selling condition
in this time frame, that will be your biggest hold up.
It is critical when
investing a in a 'fix and flip' that you do not overpay for contracting,
which will directly affect your profit. Often, I can help, as I have built
relationships with contractors and have handy resources in the Phoenix
metro area.
Many 'fix and flip' investment properties can be funded with hard money.
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Hard
money is a loan for anyone looking to rehab a property.
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There
is no approval process for you as the buyer. Credit is a non-issue and will
not be looked at. There is no denial of funding contingent on the condition
of the home, unlike traditional mortgage loans. |
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Hard
money is treated as a cash offer in the real estate market. There is no
appraisal of the home and typically, no lengthy process. Usually, the buyer
must contribute $5,000-10,000 and the remainder of the sales price is funded
buy the hard money lender. |
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Less!
A hard money loan typically has $500-700 in costs. A mortgage funded by
conventional lending typically has $3000-$4000 in costs. The interest rate
on a hard money loan is higher. However, it would take 6 months or more
to catch up on those fees associated with a conventional mortgage. |
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The
first step in attaining this type of funding is a one-on-one meeting with
me, where we can review your profit goals. Then, we will seek funding depending
on those goals. You will deal directly with me and only sign paperwork with
the lender. I have a proven track record of making deals happen. Therefore,
with my representation, the hard money lender will secure lending more often
and more quickly. Once the property is accepted as fundable, you can close
on it in 10-14 days. |
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Contact
me today to get started! |
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