Hello, Im looking to buy a fix and flip. I do not have the funds to do so off hand nor have all the knowledge. I have been reading up and researching. Do anyone have any suggestions on what way to go if I want to fix and flip. Example, is there banks for first time buyers with decent credit. Is there investors that may help me with the finance besides hard lenders. Which way to go. I was interested in the county auction but those are a lottle tricky to. Also would love to find a partner as two heads are better than 1.
Hi @Sophie Ben , small local banks are often wonderful to work with on Fix and Flips through their commercial lending departments. These loans often fund X% of purchase price and Y% of renovation costs up to Z% of After Repair Value of the property and are frequently Interest Only payments during the renovation portion.
Auction properties are a different beast. Generally you'll need cash or a cash equivalent to take these down, then you can interact with a bank about a financing option after you own it. There may be other options here that I'm not aware of, but it seems like cash equivalents are the need of the hour for auction properties.
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