My Rehab Lender, Inc.
What exactly is “flipping” a house?
Most folks know that “flipping” means buying a house that needs repair and/or refurbishment, and then selling it in a short amount of time, for a profit. It can also take the form of buying a property at a low price and selling it for a higher price, which can easily be accomplished if the market is on the rise.
House flipping is fairly simple, but not always easy. There are several factors which should be taken into account before jumping into this type of real estate investment.
- Research is imperative. Neighborhoods, price comparisons, condition of houses, and understanding the formulas that will give you better leverage toward making a profit are some of the types of information you will need to study-up on.
- Selling the property quickly is usually the desired result, and there are times when that does occur. An investor needs to be prepared for the fact that immediate sale is not always guaranteed. In the event that the house stays on the market for a period of time, the investor has to be prepared, financially and emotionally, for this lag time. In other words, don’t forget to have a “Plan B”.
Bob Nance and Heather Goodstein are experts in this kind of loan. Hard-money (bridge loans) are what they do. They will be glad to discuss your options and their criteria for loan eligibility.
- My Rehab Lender, Inc. prefers to extend loans only to qualified real estate investors/ developers, but may loan to a private investor with limited experience on a case by case basis..
- All loan considerations must include a thorough and well-researched business plan and documentation of experience in real estate investing.
- This program is designed for people who can buy right, fix a property up quickly, and then get it re-sold or refinanced.
- Investors must submit an application to get pre-approved,
- Investors must find a property and get it under contract and send My Rehab Lender, Inc. the information,
- Investors must prepare a cost estimate for repairs.
- My Rehab Lender, Inc. will process and close the loan.
Bridge loans may be described as:
- Private money loans secured by real property.
- A ‘bridge loan’ or short-term temporary financing, remains in place until the property is sold or refinanced or until it matures, whichever comes first.
- A loan that requires, as long as this this loan is in place, that neither the investor nor the homeowner may occupy or otherwise dwell in the property under any circumstances.
Call, (855) 385-4505, or contact on the internet, myrehablender.com. Once you speak with My Rehab Lender, Inc., your day is going to get a little bit sunnier.