Perhaps the most important part of a fix and flip project is actually finding the property. You want to make sure it’s in the right neighborhood, the rehab is manageable, and the numbers make sense. Working with an experienced, investor-friendly real estate agent is highly advisable (we would be happy to recommend one). One strategy of finding houses to flip is participating in foreclosure auctions, which are usually held online or in-person in some jurisdictions once or twice a week. Another option is locating residents who are delinquent or in default on their mortgages and negotiating a short sale with the mortgage holding bank. A third avenue for locating properties to fix and flip is creating relationships with wholesalers in your area, and purchasing properties from them that are already tied up under contact.
Finding a Fix and Flip Project
please call us at 212-537-5833 or text us at 917-267-9523.
Hard Money Loans: FAQs
Hard money loans are short-term loans that are used to acquire investment properties to rehab and then flip for resale or rent. These loans are used by real estate investors and others who are looking to finance non-owner occupied real estate.
Yes, we can often pre-approve you on the same day as when you apply. For a pre-approval letter, please call us at 212-537-5833 or text us at 917-267-9523.
Yes, we do fund rehab costs through a hard money loan. In fact, we can fund 100% of your rehab costs. To do so, you will need to complete a portion of the project. We then send an inspector to review it, and we distribute the funds for the completed work. The entire process takes 2 to 3 days.
Yes, we provide extensions up to 6 months or longer on a case-by-case basis. We understand the timeframe complexities when rehabbing or building a new project – we will work with you.