Approach the seller for contract w/a one year/24 month balloon. You would make a down payment and monthly payments. Most of these payments would go towards interest (as it would w/a bank) and a one lump balloon payment 12 or 24 months later that would pay off the house.
Seller gets more than their accepted price and gets the house sold and you get 12 to 24 months to flip the house and resell.
I want to flip a house, but can't get the mortgage loan, any suggestions?
You need to find a private investor. You can do the work and he will supply the financial backing. Or you can start off as being a birddog, which means you locate the distressed properties for a fee. You will gain important experience in order to know how it is done in the real world. If you have never flipped a house I would strongly suggest you do your due diligence. Some people think its fast money but it is really a lot of hard work. There can be a lot of pit falls if you are just starting out, like staying on budget, finding the right property, etc. I suggest you do research to start with.
No comments:
Post a Comment