Hello, I'm a new investor and I'm needing help with understanding the process of using hard money to purchase properties from Auction.com. Can someone please explain this process step by step? Thanks to everyone in advance.
1- Find a a property and make sure there is a enough equity to profit from a fix and flip with the repairs
2- Put the property under contract
3-go to lending homes website and fill out the application. They will give you a range of financing options depending on down payment , interest rate desired and your experience
4- submit the fee and upload the required documents
5- remember no owner occupied properties
The range might be form 9%-12% with 2-2.5 points and 15% down , possible 90% of repair costs can be borrowed as well
Thanks Steven for the response.
How does that work when the auction requires cash when the auction is over?
hard money is not cash many people confuse this Are you doing courthouse auctions or online like Hubzu,auction.com etc?