Fix and Flip funding

[Jose Laffitte]

Hello All,

I am fairly new to REI and taking some baby steps to do research and find lenders that will fit my needs. Has anyone used BackFlip to fund any deals?

[Roger Flot]

I am currently doing a fix and flip loan with Backflip.  The experience is working out pretty well.

I think their goal is to be your one-stop-shop for the whole process and that will suit me going forward. They have an app that you can run comps on, play with rehab budgets, do ARV calculations as you drive for dollars and apply for the loan on the spot. The app gives immediate scores on what is a good deal and what may need more consideration to make it a good deal. They are in partnership with Obie for Fix & Flip type insurance (builders risk, etc).

They are big on education and partnership. They sponsor biweekly webinars, where they encourage Q&A on many topics in the Fix & Flip landscape.

The draw process seems standard (what you would expect) and makes sense. There are strategies that you can utilize here that can make it easier as well. They help monitor your progress and answer calls and texts swiftly.  My customer service rep is a flipper and I love that because he knows why I want to do what I want to do and can discuss the approaches with knowledge.

So far, the experience has been positive. I am coming near the end of this project and have already started plugging in some new addresses to run comps and get a jump on the ARV calculations to improve my experience going forward. There are no commitals until it works for you and there are no regulations or fees associated with using the app.

Feel free to DM me to find out more. I can recommend you to my guy, he's great!