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Updated over 7 years ago, 06/30/2017

User Stats

13
Posts
0
Votes
Janaye Joyner
  • Real Estate Professional
  • Bakersfield, CA
0
Votes |
13
Posts

First possible flip, and finding a hard money lender

Janaye Joyner
  • Real Estate Professional
  • Bakersfield, CA
Posted

Hello, I am located in California and my husband and I found a house that has the potential to be a flip. We have money to put down, our credit is solid and we have a trust worthy and hard working relator (currently in the process of getting my RE lic) who is helping us. I am seeking advice in regards to a Hard Money Lender. We have been in contact with a few Hard Money Lender's via BP website. This will be our first flip, we have listened to BP for two years, read nearly every investing, house flipping book recommended, listened to any Podcast that we could obtain to become as educated as possible. 

My fear is something going south with this purchase and us not getting a loan in time and someone else buying the property before we can.

The asking price for the home is 85k, needs possibly a new roof, HVAC, the pool is in bad shape needs new equipment, walls have holes punched, and windows all need to be repaired, this will be a full rehab. My husband works full time at another job so I am trying to create a renovation report with detailed plans to submit to a lender, just not too sure how to create a professional one. Any advice would be greatly appreciated thanks!

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