What is the best type of loan to get when buying an investment property to flip? And what do they offer in Tex

Answer 1

You should consult with a loan officer to see what option is best for you. What do they offer in Tex? Do you mean, what loans are available in Texas? Or do you mean, what properties are available in Texas? Let me know and I will provide you with a loan officer's name and number and a list of properties currently for sale.

Answer 2

If you are flipping a property, do not concern yourself too much with the interest rate. You will be most concerned with the origination and junk fees that jack up your costs(with no recovery).
Obviously, the more money down, the better your terms.
Remember that carrying costs will eat away your profits quickly. So be prepared and do your research. Plan to sell your home 1-2% below FMV to move it quickly, get a good listing agent, and prep the home well for the sale.

Good luck!

Answer 3

There are loans available where you just pay the interest on them for six months after that you are stuck with a mortage payment, so be sure to invest in good updates in the flip, kitchens and baths being the key, be sure to figure exactly how much it will cost to make the flip sell as quickly as possible so you aren't stuck with huge payments.

Answer 4

This depends on many factors such as credit, loan ratios, type of property etc.

Timing is everything and positioning your credit file is just as important. For more info on market timing and credit maintenance check my blog.

Answer 5

If you are borrowing money to buy a property to flip, you must make sure that there is no prepayment penalty, at least not when you make a bona fide sale.