Fix & Flip

So what do you need to get started?fixnflip

  • First, you need an excellent credit score. Lenders have tightened their requirements for home loans, especially if you want a loan for a high-risk house flip.
  • You need cash. Use the cash for a down payment, so you don’t have to pay private mortgage insurance (PMI) on your second mortgage. You could also take out a home equity line of credit (HELOC), if you qualify, and if you are buying a cheap house through a real estate auction. If you have enough in savings, and you manage to find a bargain-priced home, you can buy the home, and take out a small loan or line of credit to pay for the renovations, Realtor fees, and closing costs.
  • You need to know the real estate market. You want to buy a home in a great location, fix it up, and sell it at a profit as quickly as you can. In order to sell the home quickly, it must be located in a great area. The longer it takes to sell the house, the more money you’re going to lose to monthly mortgage payments, and payments for insurance, utilities, and property taxes

Areas We Cover