Please 'splain it to me like I'm 12 years old.

[Account Closed]

I do not wish to criticize, but I have found the Norris Group's postings (here and elsewhere on the Internet) to be long on theory and short on detail. It was claimed at another board that lenders exist for end buyers and that these lenders don't require seasoning in order to use new value for a subsequent purchase. When asked specifically for the names of such lenders, there was no response.

If hard money is used for end buyers to purchase a flipper's property, what's the end buyer's down payment requirement, FICO score/credit history, what is the interest rate charged to the end buyer and for how long? If the interest rates are typical for hard money lenders (double digit), how is the end buyer going to afford the resulting monthly payment and for how long?

I would like to see, in clear detailed language, with dollar figures, how the purchase-auction-sale of a typical flip works. I'm really weary of real estate gurus claiming you can flip your way to millions when the practical reality is that major obstacles exist.