You do not need excellent credit in order to fix & flip a house. You will, however, need some cash for the down payment as well as the fix-up. The average turn-around time for a fix & flip is 90 days. That is 30 days to fix-up the property, 30 days to market and sell the home, and 30 days to close.

   It is important to keep costs down, and I have access to contractors and handy resources across the valley that can help you lower costs of the re-hab. I also will list & sell any home that I purchase for you for 4%. That is 1% to me to cover selling costs, and 3% to the buyers agent. This will lower your costs & increase your overall profit.

Hard Money Lending

  Hard money lending is a very beneficial option in financing a property to fix & flip.  There is no approval process, and credit is not an issue. Hard money is treated as a cash offer in the real estate market. Typically, a hard money lender would lend 70% of what the home would be worth after being re-habbed. The buyer would then come in with a down payment, usually $5,000-$10,000.

  The costs of obtaining the hard money loan are between $500-$700, whereas conventional financing loan costs around 3% of the sales price. The interest rates on hard-money lending are much higher than financing, however for short-term financing the total costs are lower.

   The first step in obtaining a hard money loan , is to meet with me to discuss your investing goals. You will deal directly with me, and will only fill out paperwork with the lender. I have established relationships with hard money lenders, and have closed many deals. With my representation, the hard money lender will secure funding more often & more quickly. After the hard money loan is secured, you can close the home in as little as 3 days.