Hispanics typically lack the traditional types of credit required for most conventional financing, including low credit scores because many have not been in the U.S. long enough to develop a credit history.

In my area, wholesaling really would not be that profitable, there are a ton of rehab investors but the inventory of distressed properties is low.

They will either use hard money lenders or conventional financing, whichever will work better for them, and then sell it as quickly as possible.

I've looked for financing before, but since I can't show an income of some sort I wouldn't be able to get conventional.

I had fairly good credit, but didn't have the capital to do conventional financing for many deals.

About a year after I bought it (and dumped almost $60,000 into it) I sold it for a very respectable profit.I have not used conventional or commercial financing on any of my rental properties to date.

Normally they are between 12-15% with a 3-5% origination fee.I doubt you will find many if even any conventional loan programs that are going to give you fix up costs.

If this is the case, and your conscience won't let you do it otherwise, then I would recommend that you step up and go get some financing lined up (hard money or conventional prequalifying) so you can honestly and with confidence tell the seller that you are going to buy their property.

purchase for 195k ...conventional 2 yr arm at 10%.... 20k in repairs....ARV is 260k ...I am a residential contractor so I will be doing the work.....appraised at 250 now....probably 280 to 300 after repairs depending on my detail input.

Due to the success of these updated resale homes, it has caught on and is now essential to the success of a sale, especially now with inventory on the rise.