Where can i find low cost start up funding to flip a house?
by William on Thursday, April 15th, 2010 | 6 Comments
Have no money to put down. Own my own house now, but do not want to take HELOC loan to start. Property I’m looking at is located in WI. Strong university market, average turn time, etc. Cosmetic and minor rehab needed. Looking for low cost funding from WI, or contiguous states. CA, FL and TX lenders not acceptable. Properties in those markets are a joke. Can any professionals help?
If you are worried about taking a home equity out on your house, if you can get a good deal on your flip house, maybe you can take a home equity out on it so you have the money to make the improvements.
Low cost funding is over. 17 straight interest rate hikes from the Fed put an end to that.
i thing the best idea to start your flipping houses business is to take equity line of credit, because even you will buy your property with 100% financing , you still need cash to remodel this house and you don’t want to be short of cash to hold you back with your quick flip.
you also will have tax deduction from your equity and even interest rates are not that great now- you still better off with your 2nd mortgage, than personal loans or credit cards. after you will complete your first flip, you will pay off your equity and have money ready if you will spot another good flip.
i am loan officer in il and if you need any assistance, you can e-mail to me.
House “flipping” is a scumbag way of making money.
The smartest way to fund this is a HELOC. This is a revolving line, so you only pay on what you owe. As the project progresses, you can take money out against your line as needed. When you sell the home, you turn around and pay the HELOC’s balance off. In the meantime, you get to write off your interest.
Oh, and to “Kingstub”, fixing up a home and selling it is NOT a scumbag way of making money… It does several good things like bringing up the neighborhood and increasing home values in it…
I maybe to help with this contact me asap