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Updated over 1 year ago on . Most recent reply

User Stats

56
Posts
11
Votes
Maria De La Vega
  • New to Real Estate
  • San Diego, CA
11
Votes |
56
Posts

Buying a property to flip but it's occupied by tenants until the end of the year

Maria De La Vega
  • New to Real Estate
  • San Diego, CA
Posted

Hi again,

I am interested in purchasing a property in Texas, (out of state) with the intention of flipping it and putting it in the market, the property has a good ARV and doesn't need much work, but is occupied by a tenant and the lease is up until the end of the year.

I have a few questions since this is my first time purchasing a property out of state.

If I allow the tenant to stay until the end of the year, do I need to go with a conventional loan instead of Hard money loan, so I can't fix it right away?

How can I get the tenant out of the property before the lease is up so I can use the hard money loan and fix the property to put it in the market?

TIA

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