We're a young couple. Currently we are remodelling a home for relatives. But we are interested in flipping houses. We would be handling the remodel. We are simply looking for a silent partner to handle the financial end. If interested, let's talk.
2006-10-12 17:36:34 · 7 answers · asked by Angelic T 1 in Business & Finance ➔ Renting & Real Estate
A straw buyer...talk to a mortgage broker, they can help connect you with one....
2006-10-12 17:37:58 · answer #1 · answered by Diamond in the Rough 6 · 0⤊ 0⤋
Look in the newspaper classifieds under "real estate wanted" and find any ads with "We Buy Houses". Some of these guys/gals are wholesalers, other are rehabbers. Ask them if they'd be interested in providing money for rehabs if they can get a 10% (or whatever you're willing to offer) return on their money. Or ask friends and family if they know anyone (doctors, lawyers, retirees, etc) with lots of cash just sitting in the bank earning a meesly rate of return. Not many people will turn down a chance to make money on their money without much risk and no work on their part. You'll just need to provide the numbers to prove why it's a good investment (i.e. your purchase price, the after-repaired value, your rehab costs, timeline for the rehabs, etc.) There are people who specialize in exactly what you are looking for, they're called "hard money lenders", typically they'll only loan up to 70% of a properties after-repaired value, will charge you something like 18% interest + 4pts, this route costs a lot but if you need money fast to make a deal and flip it in less than a month, this may be the way to go. By the way, if you know what you're doing, no flip should take more than a month. To find hard money lenders, you can look them up in your local yellowpages or try contacting title companies and talk to a closing agent, explain to them what you do and if they can recommend any private lenders, they'll gladly give you reco's b/c they'll be there to help close on your property if/when you need it, this is how I found my hard money lender. From my own experience in flipping properties, finding money should never be a problem as long as the deal is good. If you are flipping, don't ever go to a bank, they will only slow down your deal, their rates may be better, but in the flipping business, time is money.
2006-10-12 18:09:36 · answer #2 · answered by Portango 3 · 0⤊ 0⤋
Try a probate, with estate holding back the morgage. If you don't understand what I am talking about, drop me a line and I will point you in the right direction. 12 X's more probates than Foreclosures and 5% of investors in the probate market compared to 95% foreclosures. You don't need investors although might help a bit, and I know one that does 10% down loans on these kind of things. The remodels are very easy because 90% of the probates have very little work to be done. Foreclosures people trash on their way out because they are pissed.
2006-10-12 17:49:28 · answer #3 · answered by canine582002 2 · 0⤊ 0⤋
"Flipping" real estate is currently dangerous business as the market has recently softened. Many real estate investors are currently in serious financial trouble because homes are suddenly not moving like they were over the past few years. Investors are stuck with the monthly payments, maintenance and are faced with upside-down loans on properties that are actually dropping in value. Beware of real estate investment scammers that can leave you holding the bag!
Read this article on real estate flipping by Robert Kiyosaki:
http://finance.yahoo.com/columnist/article/richricher/5766?p=1
2006-10-12 17:51:23 · answer #4 · answered by $1200 mistake 3 · 0⤊ 1⤋
the only guy or woman profiting from this can be the guy whose call seems on the identify. The others would be fools to bypass into this way of scheme. and how plenty will they be saving once you divide the domicile-proprietors supply by 3? no longer properly worth it for them. feels like they have debt sequence issues to me. as quickly as the call is on identify, what rights do the others have? None. If that's yours, you would be scamming them. whats up i've got have been given an theory, would desire to you get a million/3 of assets proprietors supply if in basic terms one in all you is new to domicile possession? besides, why no longer be in strengthen and criminal and attempt to negatively kit it?
2016-12-26 17:59:44 · answer #5 · answered by Anonymous · 0⤊ 0⤋
Don't know the answer, but when you find out tell me.
2006-10-12 17:40:53 · answer #6 · answered by Thomas T 2 · 0⤊ 0⤋
she don't know the deepness of the sea?
2006-10-12 17:44:10 · answer #7 · answered by gligt l 1 · 0⤊ 0⤋