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Profile picture for gpennington9

If i want to buy multiple houses to resale or filp, how would i be able to get th funding.

  • February 18 2014 - Dallas
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Answers (7)

You can get a hard money loan, or a renovation loan. I know a good lender that originates both types of loans.
  • March 25 2014
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I sounds like you need a private investor for this kind of action. They will hold a mortgage and review what your buying (at least until they know you well). Private lending is done by many attorneys, wealthy business owners, etc. You would need to be introduced and you would need to show some kind of background in most cases. If you talk to a good Realtor who knows all these things he/she can sit down with you and explain some options and if you build a good relationship that Realtor can introduce you to some local "money men". 
  • February 19 2014
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My advice is that if you are not already sure how to obtain financing for flipping a home, you should probably refrain from buying multiple homes to flip. If you are interested in learning about that process, I would open a new discussion to ask questions about the process and what it all entails. Good luck!
  • February 19 2014
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Profile picture for USMortgageRanger
So you have seen the late night infomercials on TV about home flipping and you are about to plunk  out your hard earn cash on a so call program. My advise is NO keep your money as there is a lot more that they are not telling you as an investor. 1st you have to qualify for a loan normally 1-2% higher than conventional loan with at least 30+% down payment with the best of credit. Should you qualify you have to remodel and rent if you are lucky under 6 months and if you do decide to sell right away not all loan programs can apply as some have restriction on title transfer. All this is just the beginning give me a call to speak in depth.
  • February 18 2014
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Profile picture for wetdawgs
What percentage down payments were you planning on?

  • February 18 2014
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You will need to go through a private investor or local bank that will directly invest into the loans. We cannot lend to people unless it is going to be there primary home or investment/second home.

Good luck!
Scott

  • February 18 2014
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That is your problem. I hope you realize flipping is not as easy as made out to be on TV or in those get rich quick books they sell ya.

Many put their homes up as collateral, do you really want to do that just getting started?
  • February 18 2014
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