Flipper/Rehabber · Port Orange, FL · Member since 2019 · 2 posts · 1 vote
I am approved for most of the purchase and rehab. They said I would need a down payment. Where can I get this with no out of pocket expense? I Probably need about 50k.
Rental Property Investor · Higginson, AR · Member since 2016 · 48 posts · 46 votes
7y
1.look for a portfolio lender, If this one says no, there's another close by.
2.If your purchase price and rehab combined is more that 75% of the finished market value, look for a better deal. you will have a 25% sweat equity when finished.
3. use other properties equity to help guarantee collateral.
4. Take on a partner with previous loan experience and connections.
Those are 4 ideas that I can come up with quick. usually about 2 A.M. I set up awake and think of a workable option.
when we buy we sit down over a cup of coffee plan our strategy for rehab. decide on the lender we would like to use. also plan the back up lender. if the first wont help us , the second, third, fourth, fifth are presented the package. The first loan is the hardest. after that it gets easier After you build a history with the lenders.
We have done the no money down method many times now.
Remember this is a business, don't fall in love with any of them.