New Investor loan options

[Sarah Simonin]

Looking to start investments in fix and flip in Cincinnati Ohio. I am thinking a portfolio loan would be the best way to go since conventional will take too long. Do I need to have a property in mind first? Or find a bank and build a financial resume and get a pre approval?

Any suggestions on banks? and what % of our of pocket expenses am I looking at?

Also hoping to look at Foreclosures, fan you use a portfolio loan for those?

Thanks,

Sarah

[Ryan Blake]

@Sarah Simonin Are you looking to buy from a foreclosure auction? I am not familiar with the OH foreclosure auction rules. In Texas, we have to provide funds within an hour of close. You would not have time to get a loan to cover that. Most lenders won't do quick fundings like that because there is no time for a title insurance let alone a title check. Just because it is at a foreclosure auction, doesn't mean you are getting the property. Have you already researched what kind of title you will get when you buy from the auction? That will be important to. And is there a redemption period? Most lenders don't like working with properties that have a redemption period.

I think we need to know more about what you mean when you say you want to buy a home in foreclosure. If it is an REO then it should be basically a normal transaction. If it is pre-foreclosure then it will just need to be an expedited closing before the auction sale date.

Would love to help and provide more info but need to know more parameters around what you are doing.