Where to look for buying homes in San Antonio

[Paul Pacheco]

Hello I’m a Handyman who’s trying to look  for deals on homes in San Antonio. Am fairly new to the home buying and flipping.  Not sure where to start for fix and flip styles homes. Do you really need 20% down?  Homes in San Antonio are really high now mortgages are expensive to. Just need some ideas i guess maybe some type of meet up groups.. thanks 

[Arissa Pedroza]

When  I rehab a property, I use a hard money lender to provide the funds for the purchase And the rehab. In some cases if the deal is really good, the majority of the funds will be covered. But you will need to have money to make the interest payments each month, pay  Utilities and such. In addition the hard money lender requires somewhere between 2 and 4 points at closing. You have to look at the points as being a percentage of the total loan which would include the purchase price and the rehab. Most cases I will usually require about 15K to finish the project and then get an equity partner for that 15K. I provide the acquisition and the contractors and oversee the whole project. In order to attract a gap funder you need to bring something to the table. You need to find houses generally with a 100k spread and and an arv of 150k to 250k.

Arissa