Lost the Contract, Hard Money and Refinance

[Erica Quarles]

Hello All,

I just want to thank BP for all the good information on this site. It has been the reason why I jumped in head first. I found a great first house to flip in a great neighborhood. I used the flipping calculator and I believe I over estimated my repairs I was feeling good. I put a contract in and my realtor found out it was the highest bid but the person who bid lower than me and could close in 10 days got the house. This is my first but it did hurt a little and thank goodness to BP I read stories about people going through 15-20 and finally getting a house. I wanted to know if there was any way I could compete with that for the next time. I wanted to know if anyone has purchased with hard money for the entire purchase so they could close fast and then refinance the loan with a regular loan. Would the additional cost or fees kill the deal?

Thanks,

Erica