My husband and I want to flip our current house so that when we sell it we can get some extra money to fix up a house that we are about to move into. We both have bad credit (his a little worse than mine) and we need to know the easiest way to get a loan, or a finacial backer to help out.
2007-11-03 10:35:38 · 5 answers · asked by *♥Mrs. Morrow♥* 2 in Business & Finance ➔ Renting & Real Estate
We aren't going to completely "flip" the house, we just want to fix it up, paint, flooring, make the porches a little bigger, add a dishwasher, and redo the counter tops. We aren't ripping out walls or anything like that. We just don't have the money to do it. Our student loans are the reason our credit is so bad.
2007-11-03 10:50:59 · update #1
We live in Simpsonville, SC, which is growing at an incredible rate!
2007-11-03 10:54:20 · update #2
a bad time in the economy to be doing this greed thing. the easiest way to get money is the casino.
2007-11-03 10:38:48 · answer #1 · answered by Anonymous · 0⤊ 2⤋
well the last person who said you missed the boat- not nicely said but they are completely correct. houses now a days dont sell very good no matter how nice they are- and most people are dropping the price of their house for sale by 20 to 40k on a 200k house, so basicly if you do decide to sink some money into the place to be able to sell- i would recommend contacting a local agent and getting their opinion on how much your home is worth now- and how much they think it will be worth with the planned upgrades, chances are you are going to put more money into the repairs and upgrades then you are going to get back in the sale, I would recommend getting the opinion of more then one agent also because with the changing market some newer agents may not really know what to expect. If you have done you reasearch and still think its the best idea to sink money into your home to sell- then you may want to consider taking a equity loan- although there are some fees to obtain the loan- those fees are usually alot lower(about half the amount) then the fees involved with getting a flippers loan. If you dont qualify for a decent home equity loan then you can try to find a hard money or investor loan for your area- i dont know where you live so cant recommend anyone - but just try google searching hard money or investment loan for the state you live in. although they can usually offer loans to people with bad credit- you will pay big for the loan! fees average about 15% of the amount borrowed, and in addittion the loan has to be paid back quickly- usually 6 months...so be carefull!! because chances are you are not selling your home in 6 months in this market.
good luck.
2007-11-03 17:58:51 · answer #2 · answered by mary h 4 · 0⤊ 0⤋
The ONLY way I see you accomplishing the immediate goal is through a "hard money lender".
And believe me, its not pleasant. You'll get immediate cash, but it will cost A LOT! Fees and points and all those extra fees for services you didn't know exist. AND those fees and points are astronomical - WAY out of sight!
How about consulting and asking a friend or relative?
OR staying in that property until the climate gets a little better for borrowing - maybe 6 months to a year or two?
In my opinion, anything is better than a hard money lender.
Thanks for asking your Q! I enjoyed taking the time to answer it!
VTY,
Ron Berue
Yes, that is my real last name!
2007-11-03 17:48:47 · answer #3 · answered by Ron Berue 6 · 0⤊ 1⤋
You missed the boat for flipping in more than one way. First, your credit situation is going to make it next to impossible to find a lender who will work with you in this venture.
Second, the time for making money on 'flipping' is now history. The current state of the real estate market makes flipping for profit next to impossible as well.
2007-11-03 17:45:20 · answer #4 · answered by acermill 7 · 0⤊ 0⤋
You post your profile on this website and then lenders come to you. I recommend trying
http://www.creditloansonline.com
2007-11-07 03:40:27 · answer #5 · answered by Mark M 2 · 0⤊ 0⤋