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What is the best way to fund an investment loan real estate?
I intend to "flip" a house in the Midwest, but I'm not sure how to go about funding. I plan to buy a house for $ 130k, spent $ 20k in repairs, and sold for $ 160k. I would have to finance the purchase and repair. 1) Do not know what kind of loan to go with 2) Do not know if it's better to go to a bank like National City, a company financing, as CitiFinancial, or a different type of society …
We need to re-think his numbers a bit. If funding of a loan of $ 130K, cost will be several thousand dollars. You are talking about a subprime loan "to get to pay a few points at closing as well, if you can get a loan. Check with the above until you find a mortgage broker you are comfortable working. However, this particular property can not be very suitable for a rehabilitation center. If there is only an extension of $ 10K from an investment of $ 150K, I would be very careful. You need to consider all costs. How will you sell the property? What if not sold immediately? The loan service to borrow $ 130K is $ 1,000 a month or more (depending on taxes and insurance). If you sell the house quickly, say 4 months to rehabilitate and flip, which would be $ 4,000 of his winnings of $ 10K projected. What if you need an additional 6 months to sell? Best of luck to you.
