Fix/Flip with 100% financing

Fix/Flip with 100% financing

Hi everyone, I'm trying to figure out how you would be able to pay a handyman, appraiser, etc. using a no money down technique. Any help would be appreciated. Smiling

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SteveKesh,

You may want to consider several things here. A cash partner can put up the cash to pay vendors for a buy and flip property. Depending on the extent of repairs see if you can negoiate terms such as paying the vendors after you flip the home. They may be slow with work and will take the job if you offer their askign price or even pay a month or two of intrest. Contractors can usually put a lien on your property is you do not pay, so there may be limited risk to them. Contact local area banks about construction (rehab) loans. Good luck with REI. Believe and Achieve! Smiling - Joe

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Thanks Joe...

Does the same apply for an assignment of contract? Because I'm new to the game so I'm interested in working mainly with assignments at first to build up capital.
So if I were to start looking for properties to tie up in contract, would I be able to pay off any expenses (such as an appraiser) after getting paid from the assignment or would I need that money going into the whole thing?

Thanks for the help!

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MY DG REI JOURNAL - http://tinyurl.com/m2o5jh


100% Financing

SteveKesh,

You can finance with 100% hard money loan to fix a property. Check out EDC website and they give you all the steps needed to fix a property and resale or refiance it. Most of the advisers are investors who own properties and can walk you thru the process. If you like to rehab, which I have done a couple of times, then hardmoney is the way to go to close a deal quickly.

http://www.equitydevelopmentcorp.com/

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SteveKesh

How to pay a handyman and an appriaser on a no money down deal,ask them if they would accept payment at the close of escrow,explain to them that you would like to use their services on a regular basis,build your team.hope this helps.

Good Luck &Good Investing

whurndon


Great! Thanks for the help

Great! Thanks for the help guys, I appreciate it.

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MY DG REI JOURNAL - http://tinyurl.com/m2o5jh


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