Flippers Finding Hard Money's Soft Landing

Until recently, flippers who don't have an unlimited source of income have had to get a hard-money loan to acquire properties and rehab them for the flip - and until that property was sold, flippers had to pay HIGH interest on that hard-money loan. Ouch!

Now, as a flipper, you can obtain your hard-money loan to acquire that uninhabitable property, make the improvements to make it habitable, and IMMEDIATELY refinance it into a qualified mortgage with today's regular rates - no seasoning required. I'll pause a moment here for you to go back and read those last few sentences to assure you're reading them correctly.

This isn't a guarantee that you'll qualify or any of that jazz, of course - you still have to go through the application and underwriting process - and I'm not going to quote you any rates, but you can be sure they'll be WAY BETTER than hard-money loans if you qualify. Also, you might find that with the ability to refinance to a much lower rate, hanging on to that property as an investment could give you an even better return on your investment.

Let us run the numbers for you and get you started. Call us at (800)269-8113.

Comments

The Definition of Insanity (in Real Estate)

More than a couple of years ago, I witnessed something that makes me laugh and cringe at the same time. Having lunch at a local restaurant, I spied a real estate agent and a loan originator having what I would characterize as a “first date”. I couldn’t help but overhear little snippets of their conversation, and as far as I could tell, things were going relatively well . . . at least until the agent asked the LO this question: “So, do you like to sit at open houses with agents?” I immediately looked to the LO’s face awaiting the response. I didn’t need to hear another single word coming out of the LO’s mouth because his face said everything: you would have thought the agent had asked him if he enjoyed bobbing for apples in a pool of acid judging by the look on his face. While his face was communicating complete revulsion, his lips said, “Yes, of course.” And that’s when I looked over at the agent’s face to see, ...

Time for a New York-Style Housing Fix

Previously, I’ve written about a man who works in our office who lived in New York City back in the late ‘80s and early ‘90s – let me assure you that while that does seem like a very long time ago, it’s not nearly as far bac k as when the wheel was invented and humankind learned to harness the power of fire. If you’ve been to New York City recently and blissfully walked around Harlem to get chicken and waffles at Sylvia’s on Malcolm X Boulevard between 126 th and 127 th Streets or stopped in at Keybar on 13 th Street between First Avenue and Avenue A to wedge yourself into a cozy corner next to their notable fireplace, you wouldn’t get a sense that these areas were once . . . not as welcoming and glitzy as you now see them. Our office mate has told some fairly interesting stories of living in those and other areas of New York City that give a much different sense. In the late ‘80s/early ‘90s, no matter how many great things you heard about Sylvia’s food, 127 th Str...

Change: the Only Sure Thing

Which headline is better for grabbing your attention and prompting you to read the article to which it’s attached: “Credit Reports to Exclude Certain Negative Information, But Read on to See if This Even Applies to You” or “ Credit Reports to Exclude Certain Negative Information, Boosting FICO Scores”? Obviously, the former is less than tantalizing while the latter makes you say, “Tell me more!” I was in the “tell me more” camp, and the folks at The Wall Street Journal sucked me into their vortex. The development, set to go into practice on July 1 st , is certainly a departure from how the Big Three (Experian, TransUnion , and Equifax) have done things in the past, but it’s not going to wave a magic wand and make bankruptcies, foreclosures, short sales, etc., go away. It’s sort of a bittersweet development. Let me explain: Many tax liens and civil judgments will be removed from people’s credit reports if they don’t include a complete list of a...

Search This Blog