What is the best way to finance?
So, I'm looking to flip some properties and I've already been "approved" by several hard money lenders, my only concern is that most of them only cover about 70% ARV which means that I might still have to cover part of the property cost itself, not to mention appraisals, title companies, and most importantly the rehab. My only problem is that being as young as I am it is really hard for me to get a loan ANYWHERE and I don't have enough capitol to cover those expenses out of pocket. So, my question is: Does anyone have any suggestions on how to cover those expenses such as with private lenders and if so, how to effectively approach them without looking like an idiot? please help!
Comments (3)
i would say find a fire deal under 70% needs not alot of work but still in a good area
Melvin Jones, almost 15 years ago
If you have friends or family that have IRA's you might want to see if they will lend you money from their IRA. Of course they have to make their IRA Self Directed but that is very common for someone to lend out of their IRA.
Kevin Kaczmarek, about 15 years ago
I'm not a flipper so take this for what you paid for it. Is your area dynamic enough to do flips? It would be tough to get caught with a few flips and not have the cash on hand to weather the storm.
Greg B., about 15 years ago