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Updated almost 5 years ago,

User Stats

21
Posts
9
Votes
Scott Brown
  • Lender
  • Mesa, AZ
9
Votes |
21
Posts

Who's had a deal not fund by a lender?

Scott Brown
  • Lender
  • Mesa, AZ
Posted

Doing a fix and flip can be the riskiest real estate deal you will ever do! There are several things that can and do go wrong. 

1) Know your numbers...having a legit fix and flip deal analysis calculator that can tell you in 1 minute or less if the numbers work is supercritical.  
2) Have you been charged with a crime in the last 5 years? If so, watch out most lenders will decline your loan.
3) So you found a good deal but it's in a rural area? Most lenders will not fund your deal!
4) Do you have at least 25K of projected profit? If not most lenders won't fund your deal!
5) Do you live out of state from where your deal is? If so, most lenders won't fund your deal!
6) Is your rehab budget more than your purchase price of the home? If so, most lenders won't fund your deal!
7) Is your deal in a high crime area? If so, most lenders won't fund your deal.
8) Is your deal in a declining real estate market? If so most lenders will not loan what their matrix says they will.
That's 8 of the 20 questions...if you want to know the rest of the questions that must be asked to ensure a legit loan approval message me and share them with you. 

All the best,