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Updated 7 days ago,
First Time Home Flipper Looking to Connect w Lenders
Hey y'all,
I have approached a point where I have built up more confidence in performing my first house flip in the Charlotte metro region. I currently am a resident here (so distance is non-factor) and I possess some handy skills that could save renovation costs (besides HVAC, structural issues, plumbing, electrical work). I have been exploring viable options as well as doing my due diligence, reading, and research to come into a deal as prepared as possible.
Currently, a hurdle that I am looking to get over is securing lending that will also have renovation costs built into the actual loan amount. I understand that with traditional mortgages, it is unlikely to receive lending that incorporates speculative renovation costs. Additionally, I understand the risks associated with obtaining hard cash and working with hard money lenders, including higher interest rates due to the short term nature of the loan as well as the risk involved. However, I believe that this would be my most viable option for securing lending. I would be happy to discuss structure and feasibility as well as insight into my personal finances/personal stake into a deal with serious lenders/prospects.
Even if you are reading this post and are not a lender but have valuable insight or experience with flips in Charlotte's market, please don't hesitate reaching out. Any information you are able to pass off is good information to me!
I am looking to connect with any experienced home flippers & Lenders in the Charlotte area, or even just build my network. I am eager to learn the in's and out's of Charlotte residential real estate market as well as gain some experience flipping houses while turning a healthy profit for myself and investors.