All Forum Posts by: Justin Atkinson

My plan is to fix and flip. I am thinking I will be able to turn it around in 3-4 months based on the work it needs. In case it matters, my closing costs are about 4% right now which is about $4,500 for my loan amount and my rate is 4.25%. I also have to part with 15% down, which I would rather avoid, but I'm not too worried about it.

If I should approach a money partner or hard money lender, do you have any advice on where and how to approach this?

I have been reading this forum for the last few months, but since I just got my first HUD foreclosure deal accepted this week it's time to plunge in and pick the collective brain of this community.

My in-laws are in real estate and have been fixing and flipping homes for a decade or so. They are very helpful and have given me a ton of great guidance, but they don't have to deal with financing like I do. They have a money partner that takes a cut of their deals. I don't have a partner and have to look to other financing options. I have great credit and d/i ratios, so traditional lending is my current strategy. I've already been pre-approved for a conventional loan on this property.

My question - what is the best financing to seek? I am looking at the closing costs for my loan, while they aren't horrible I want to minimize my cost of money if possible. Is the conventional loan the best approach, or should I seek a different partner/source of funds?

You'll be hearing from me a lot over the next few months...

Thanks,
Justin