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Updated 11 months ago on . Most recent reply
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How to Fix and Flip with no cash?
Hi,
I have opportunities to fix and flip on Long Island, NY but unfortunately do not have the cash for it. I am new to the business and do not have any experience in flipping properties. How do you recommend I get started? Are there any hard money lenders that will loan with no experience? If so, where?
Have you heard of: https://facolending.com/fix-and-flip-loans/?
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So, Long Island is a baller's market. Big deals. Big down payments. Big holding Costs. Big Closing costs. In short, this market has a huge barrier of entry and it is capital or very strong borrowing power and usually both.
There are lenders who will lend to a no exp investor, but not some 500k Long Island property that needs 200k in work and will resell for 1.2 Million. That for sure WILL NOT be your deal one with a lender. Would you lend a million dollars to someone who had no clue of the ups and downs and the bumps in the road of flipping houses.
This is why I build out networks in the midwest for those looking to break in because those 90k houses with the 40k rehab, those houses are the deal 1 deals a lender would like to see. But in the end money trumps all. If you can show me a bank statement with a million dollars in it, a lender will tend to not assess the loan as being as risky.