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Updated about 8 years ago on . Most recent reply

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Blair Alexander
  • Tacoma, WA
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Getting a mortgage for a fix and flip with no verifiable income

Blair Alexander
  • Tacoma, WA
Posted

I have saved a semi large amount of money through being self employed. I am now looking to get out, and am excited at the prospect of REI. I want to do a fix and flip but I do not have enough money to buy a property outright. I want to find a way to finance a property with a large down payment while not having to do any income verification. I have not had any luck finding "owner finance" properties in my area. The research I have done is indicating this will be very hard in a post "subprime mortgage bubble" market. Any advice would be greatly appreciated. Thank you

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Christopher Phillips
  • Real Estate Agent
  • Garden City, NY
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Christopher Phillips
  • Real Estate Agent
  • Garden City, NY
Replied

@Blair Alexander

That's really thinking for people thinking of owner occupying a home.

For flips, you would use private or hard money lenders for short term funding (6-12 months). Lenders in this category are more project based and don't do income or credit checks.

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