many mortgage bankers follow specific guidelines in order to sell their notes, like right away.if you decide to use Hard Money - you'll have much more flexibility in terms of being able to put less down, invest in different types of properties and present your investment strategy, rather than just the property itself.what i'm saying here is, if you buy a house and use Wells Fargo - they're not going to be concerned with something like the ARV (after repair value), whereas a HML might loan you money based on that - which grealy enhances your investment options.i know that doesn't make sense right now, but with a little research - you can come to understand the old saying:there's more than one way to skin a cat...being new, just be very cautious what you get yourself involved with.

Are they typically responsible for all repairs as well.Any information would be great.Thanks!

I was looking at a property in a very desireable neighborhood in my town, I can get the house for 60k and the owner will hold 50k of the mortgage, there is however around 35k of work that needs to be done in the home--when done the home should apraise at around 150---here is my dilema, this can be a good flip, however this area is rapidly apreciating and I can get around 800 a month positive cash flow by renting---how can I get a loan for the down payment/closing and repairs?

That LLC has since purchased and sold 2 properties and is currently holding another in repair phase.

If it has to be ordered, it may take longer than 5 days.Are you needing a loan that is based upon the after repaired value and includes fix up money or a loan based upon the as-is value with no fix up money?

I cleaned up the considerable mess (3 LARGE dumpsters) and spent about $25,000 repairing the property.

I can most likely pick it up for 40-50% of ARV (not sure what repairs are needed), but I have a cash buyer who is hounding me right now for this area.

If they think you have offered too high and/or under estimated the repair cost they won't approve your financing.I realize the goal is not to buy the house but to assign it, using a hard money lender as a backup gets you down the path.

If the someone is living there then I would take a serious rehabber through to estimate repairs.

Just make sure that if the house is not 100% FINISHED, and all boo boos repaired, that there's plenty of $$ placed in escrow to finish it.We just looked at a place that was about 35% BELOW MARKET on a price per square foot basis.