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Updated over 7 years ago,

User Stats

51
Posts
6
Votes
Steve A.
  • New York City, NY
6
Votes |
51
Posts

New Investor - Financing a Fix + Flip?

Steve A.
  • New York City, NY
Posted

Hi everyone, we finally did it. Took the first step and put an offer on a property. Now we need to finance it. We spoke to Quicken and said they wouldn't finance our investment, because it wasn't a primary residence or vacation home. They also said assets cannot be used when financing investment properties.

Problem is we're not sure how to finance this. Do we say it's a vacation home? Does anybody know a lender in the Seattle area?

Specifics -

Currently own primary residence with mortgage. I am not currently working. My wife's income is about 35k/yr. Combined we have approx. $1million in assets, above and beyond primary residence.

Any ideas how to finance this and any lenders in Seattle area?

Thanks!

Steve

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