FLIPPING

Comments(7)

• 
  JeffAdams19th January, 2004

  I would do a couple of things:
  
  #1- Put an ad in your local paper:
  "Real-estate investor with proven
  track record looking for investors who
  want to make 12% on their money."
  You will find someone who wants to
  invest with you. When you find a deal,
  have them finance the deal 100% with
  a point or two at 12% interest. Dont worry about the high interest as you are
  not keeping the property for very long
  anyways.
  
  The next thing I would do is hook up with a hard money lender who loans at
  65-75% LTV.
  
  It is good to have a couple different sources of funding available. You will
  find when you try to do an "A" paper type loan with houses you are going to flip,
  it becomes a full-time job just getting the
  loan closed! They want to know how much your mom weighed when she was born!
  
  Good Luck
  Jeffrey Adam
  
  _________________
  "The only place success comes before work
  is in the dictionary."[ Edited by Jeffca on Date 01/19/2004 ]

• 
  cind_719th January, 2004

  Thank you very much for the information Jeffca, I appreciate it.
  
  What I have in mind is an ARM at 1 year or maybe 3 years just in case if I decided to keep the property.

• 
  InActive_Account19th January, 2004

  I would suggest you find an investor or HML to borrow from in the beginning as Jeff also suggested.Your line of credit will not get you very www.far.I also suggest you flip houses for a year before you buy any rental www.houses.This will allow you to have money in reserve to make payments when you have vacancies or pay cash for your rental.

• 
  cind_719th January, 2004

  can you please tell me how HML works?
  
  Thanks.

• 
  nebulousd19th January, 2004

  HML = Hard Money Lender.
  
  It is someone who can give you chunks of cash, usually at a 12% - 15%+ interset rate.
  
  Hard Money Lenders / Private Lenders...same thing.
  
  If you need someone to expand on Hard Money Lenders, you should start a new thread.

• 
  cind_720th January, 2004

  Thanks a lot guys, I appreciate for taking time to response my questions.
  
  You are all great! Goodluck to all of us.

• 
  tinman175520th January, 2004

  If you want to do creative financing you need a creative broker. See my profile I have some connections in CA that might be able to help you.