Real Estate Agent · Chicagoland · Member since 2018 · 314 posts · 199 votes
Home Depot offers a 55k project loan to finance home repairs. I assume other big box stores have similar deals. Is it worth it to buy a foreclosed house and use that loan to finace the flip? Basically using the loan to have Home Depot/Lowes do all the installation and changes. You would be stuck with their products yes, but it might save time. Has anyone tried this strategy? Is it worth it? Does it cut into profit margins too much?
@Forrest Williams depending on how custom your flip is I think you will be fine.
Most of the materials purchased for a basic rehab are all bought at Home Depot in my company.
We very rarely shop around or go anywhere else since this monster chain actually has great discounts for us due to volume.
Cheers to your success!
Home depot contractors are two to three times the price of getting your own contractors . If that works for you give it a shot
That's a good point, but the last contractor I used ran out on me so I've got a sour taste in my mouth. Plus finding a good one is so hard, contact 20 people, set 8 appointments, 3 show up, 1 gives you a quote.
Home depot contractors are two to three times the price of getting your own contractors . If that works for you give it a shot
That's a good point, but the last contractor I used ran out on me so I've got a sour taste in my mouth. Plus finding a good one is so hard, contact 20 people, set 8 appointments, 3 show up, 1 gives you a quote.
That sounds about right . The minute a good contractor thats busy finds out its a rehab project to flip they wont waste time even looking at the job . Once you find a good contractor , keep him . He wont be the cheapest .