Flipping W/o A Hard Money Or Conventional Financing
Can someone explain to me how to flip a property without the high interest of a hard money lender or the average quick selling restrictions of a typical lender? I was told that if I had a conventional mortgage as a primary resident, then I wouldn't be able to sell for at least a year. Because I'm new at real estate investing (no experience actually) I'm hesitant about trying to use the quick cash benefit of a hard money lender and I can't come up with the 10% down and closing cost of an investment loan. Any suggestions?
hmmmm, you don't want hard money and you won't go the traditional lender route...well lets see....all cash, use partners, lease/option, purchase subject to existing financing, assumable mortgages (if you can find them). you do have some options. many people make a good living using all or some of these other options.
J
You can flip without going to the closing table by using assignment of contract. I paid attorney to draft one for me that works well. there are some free onese on the net as well. You simply assign the contract and let him worry about getting the funding.