All Forum Posts by: N/A N/A

Hello,
I would love to flip a property. I have been approved for up to 700,000. I have up to 150,000 (borrowed money) for down payment holding costs and ect. I live in Orange County California. Looking for something not to far away max 45 minutes. I have one realtor telling I can't do it - not in today's market I will loose. I have another realtor telling that I can do it. I need to find a property at least 25-30% below market value. I have yet to find a property where the numbers make sense. Any expert advice will greatly be appreciated.

Hello,
I've been talking to a realtor from realtytrac that specializes in distressed properties. I have not been pre approved for a loan yet. She sent me to Wells Fargo where I do my banking. With the info I provided over the phone he said I will be able to be pre approved up to 750,000. My credit is good 710 range. The realtor now tells me Wells Fargo may be to high and I should go to Washington Mutual. Now I'm confused? What are your suggestions on what I should do? Go directly to the bank? Get a mortgage broker? Get a hard money loan? Please advise I would greatly appreciate your expert advice. Thank you :)

I live in Newport Beach California bought a condo for 330,000 3 /12 years ago appraised for $510,00 last week. I was able to take out 76,000 equity. I was able to get a 25,000 dollar business loan. That gives me a total of 101,000. I would love to use this money to flip a property. My questions are:

Am I crazy to do this with the market being so soft?

Only 101,000 dollars will this be enough in orange county? I'm looking in areas such as Newport Beach, Costa Mesa, Huntington Beach close to home.

Will I have to put at least 10% down or are there other ways to get around it possibly only putting 5% or 0 down?

I greatly appreciate your help thank you so much :)