New Yorker looking to invest in DFW any advice?
As we all know the market in DFW is very hot, do you think this would be a disadvantage for us trying to flip our first house?
We were thinking of going to a private money lender that reached out to us and he has offered to pay 80% of the total cost (purchase, rehab, closing costs & 6 months IO) or 70% of the ARV. He mentioned that we had to fill in submission forms, we didn't get a chance to ask what those forms were because it was after business on Friday when we saw his reply. Are these general forms like any other loan request form?
The only problem about doing a flip in DFW is the travel during the flip, do you believe it would be better for us to get a sublet during the flip and stay down there until it is finished or to stay for 2 weeks there and come back to NY for a week and go back again?
I'm sorry for all the questions guys, looking to get some well needed advice from my fellow BP community. :)
I look forward to hearing from you all.
- Shana