Need Advice From Seasoned Investors!
I want your opinion on financing. For someone that is doing their first deal. If the deal is outstanding. (Financing only 50 to 60% of FMV ) Is it a good idea to finance 100% interest only if I plan to flip as soon as house is repaired? Your reply is greatly appreciated.
I am slightly confused. You said "Financing only 50-60% of FMV" do you mean contract purchase price at 50-60% of FMV? If so, a lender will look at the smaller of FMV and contract price when making a loan. If this is wide of the mark, please clarify.
It was just a hypothetical scenario Giovanini_2, but thanks for the info.